Iran’s IRGC Promotes Bitcoin-Settled Maritime Insurance Platform
- The Iranian Revolutionary Guard Corps (IRGC) has promoted Hormuz Safe, a platform that settles shipping insurance payments in Bitcoin.
- Iran’s Economy Ministry has explored this model since late April, potentially generating over $10 billion.
- Europol identified and flagged approximately 14,200 IRGC-linked online posts.
- Sanctions, traceability issues, and limited insurer support could restrict the platform’s use.
Hormuz Safe aims to provide fast and verifiable insurance policies for cargo through the Persian Gulf with payments settled in Bitcoin. However, analysts express skepticism about its scalability due to sanctions and lack of legal recognition.
Despite its potential for niche trade workarounds, the platform faces significant hurdles like exposure to U.S. secondary sanctions and transparency issues inherent in Bitcoin transactions. (Source)
