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Iran Launches Crypto-Based "Hormuz Safe" Insurance Platform For Ships Crossing Strait
The Islamic Republic of Iran has launched a digital insurance platform, titled Hormuz Safe, in order to guarantee safe passage through the Strait of Hormuz and provide coverage for commercial vessels. The platform will rely on cryptocurrency payments from vessels and is being advanced by the Iranian Economy Ministry, according to a Saturday report by Fars News Agency. "The Ministry of Economy is advancing a plan that would make the management of the Strait of Hormuz possible through insurance - a model that would be acceptable to other countries during peacetime while still allowing Iran to exercise control over the ... (full story)
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