- Reports have resurfaced that the passage of ships through the Strait of Hormuz will be made possible by insuring maritime cargo with Bitcoin.
- Information about this is being spread through an unofficial website, so it is possible that this is another scam.
On Saturday, Iran’s Fars News Agency, which is affiliated with the Islamic Revolutionary Guard Corps, reportedIran’s Ministry of Economy plans to manage the Strait of Hormuz through insurance. The ministry cited a government document it received.
Additionally, is approved, that payments for “insurance” in bitcoin can be made through the “Hormuz Safe” website. A screenshot of the website, which sells “secure digital marine cargo insurance,” was attached to the social media post.
According to Fars News, the insurance platform will differentiate between transit vessels from different countries.
According to the Ministry of Economy’s plan, managing the Strait of Hormuz through an insurance system will allow for the issuance of various marine insurance policies, as well as financial liability certificates, Fars News reported, stating that the new initiative could generate over $10 billion in revenue for the country.
It is difficult to confirm that Iran is implementing this idea at this time, as the website offering “Iranian digital insurance” was unavailable at the time of writing.
Scammers have previously targeted shipping companies operating in the Strait of Hormuz, demanding payment in cryptocurrency for safe passage.
Overall, using Bitcoin for payments seems reasonable, as it is decentralized and does not have an issuer that can freeze funds, as is the case makes company Tether.
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