Reports suggest Iran is considering an insurance system for ships traveling through the Strait of Hormuz. There’s also been speculation – which hasn’t been confirmed – that they might accept Bitcoin as payment for safe passage, adding to the confusion about how this system would work during wartime.
Summary
- Iran has reportedly explored an insurance system for ships crossing the Strait of Hormuz, with speculation emerging around possible Bitcoin-based payments.
- Fars News denied reports that Tehran is already collecting crypto tolls, even as shipping firms face scam messages demanding Bitcoin or USDT for safe passage.
- U.S. authorities recently froze $344 million in USDT tied to Iran, fueling fresh debate over whether Bitcoin could become a preferred settlement tool under sanctions.
Iran’s government is considering a new system to manage shipping traffic through the Strait of Hormuz. According to the Fars News Agency, a state-controlled media outlet, the plan involves a formal insurance and financial responsibility program for ships passing through the area. A leaked government document suggests this system could potentially bring in over $10 billion in revenue for Iran.
With tensions high between the U.S. and Iran, this proposal arrives as shipping in the Strait is still facing major problems. Normally, about 20% of the world’s oil travels through this narrow passage, but reports show ship traffic has decreased since the U.S. began airstrikes on Iran in late February.
Recent online discussions center around a website called “Hormuz Safe,” which advertised “Secure Digital Insurance for Maritime Cargo” in screenshots shared online. Some reports in the crypto world have suggested the site is connected to an Iranian attempt to receive insurance payments using Bitcoin. However, the website was unavailable when these reports were written, and Iranian officials haven’t confirmed any connection.
Iran denies active crypto toll collection
Last month, Fars News denied reports that Iran was collecting fees for ships passing through the Strait of Hormuz using cryptocurrency. In a report published on April 23rd, the news outlet stated that claims of Iran accepting Bitcoin or other digital currencies from vessels were untrue.
Around the same time, the Financial Times revealed Iran was exploring a plan to accept cryptocurrency payments for oil tanker transit fees, with initial discussions centering around a charge of $1 per barrel of oil. Bloomberg subsequently reported that someone connected to Iran’s Islamic Revolutionary Guard Corps had similar pricing conversations with companies that operate ships.
The risk advisory firm MARISKS has also cautioned that scammers are taking advantage of the current situation. They report that ship owners stuck west of the Strait of Hormuz have been targeted with fake messages. These messages, from people falsely claiming to be Iranian officials, demand payment in Bitcoin or Tether to allow the ships to pass safely.
MARISKS stated the messages were fabricated and didn’t come from any official sources in Iran. They also reported that one ship may have been attacked while trying to leave the area after responding to these fake messages.
Reports have surfaced indicating Iran may have started earning money from ships passing through the Strait last month, but these reports haven’t been confirmed. Prior to the recent conflict, ships were able to travel through the Strait without paying any fees.
Bitcoin speculation grows after USDT seizures
Interest in using Bitcoin for payments has grown since U.S. officials froze $344 million in Tether USDt connected to Iran last month. Previous reports indicated that those with ties to Iran favored USDT and the Chinese yuan for paying for energy, but were also open to accepting Bitcoin in certain situations.
Chainalysis previously observed that Iran has often used stablecoins – especially USDT on the Tron blockchain – to send money internationally, bypassing traditional banking systems. The company warns that if Iran were to start accepting cryptocurrency for passage through the Strait of Hormuz, it could create new challenges for cryptocurrency businesses that deal with sanctioned individuals or groups.
Experts suggest that Bitcoin might be attractive to countries facing sanctions because it isn’t controlled by a single entity that can block transactions. For example, reports in April indicated that Iran’s oil exporters suggested ships could continue traveling through a key waterway by paying a fee of $1 per barrel in Bitcoin.
Ships were said to only receive payment details after Iran finished checking things internally. Payments were then expected to happen very quickly – within seconds – to make it harder to track or seize the money due to international sanctions.
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2026-05-18 10:40