Iran has introduced a cryptocurrency-enabled maritime insurance system named “Hormuz Safe” designed to facilitate cargo vessel passage through the Strait of Hormuz, as detailed in a May 16, 2026 Fars News Agency announcement from Iranian state media. The announcement referenced documentation from Iran’s Ministry of Economy, indicating development efforts commenced in late April 2026. The Strait of Hormuz serves as a critical conduit for approximately 20% of global petroleum commerce. The waterway has become a focal point of international tensions following military operations by U.S. and Israeli forces that resulted ... (full story)