Iran is reportedly advancing a strategic initiative to assert control over the Strait of Hormuz via an insurance-based model, with emerging speculation that transactions could be settled in Bitcoin. On Saturday, Fars News Agency, an outlet closely aligned with the Islamic Revolutionary Guard Corps, disclosed that the Iranian Ministry of Economic Affairs intends to manage the critical shipping lane through this insurance mechanism, citing an internal state document.

Concurrently, unverified reports indicate the establishment of a digital platform named Hormuz Safe, allegedly offering Secure Digital Insurance for Maritime Cargo with payment options in Bitcoin. Control of this waterway remains the central friction point in the ongoing US-Iran conflict, as the strait facilitates approximately one-fifth of global oil trade. Following the commencement of US airstrikes against Iranian targets in late February, numerous vessels have been deterred from transiting the corridor. Media accounts confirm that Iran collected initial revenue from tolls levied on ships passing through the strait last month, a measure absent prior to the escalation of hostilities.

Fars News elaborated that the proposed insurance platform is designed to differentiate transit vessels based on their national origin. Under the Ministry's blueprint, managing the strait through an insurance framework would facilitate the issuance of diverse marine insurance policies alongside certificates of financial responsibility. Data compiled by Woofun AI suggests this operational shift could generate over $10 billion in revenue for the Iranian state.

However, the execution of this proposal remains uncertain, and the website purporting to offer Iranian Digital Insurance may be a fabrication, as it was offline during verification. Historical precedents show scammers have previously defrauded shipping operators in the region by demanding cryptocurrency payments for safe passage, complicating the verification of legitimate state initiatives.

The strategic pivot toward Bitcoin for insurance payments appears logically driven by recent financial constraints imposed by Washington. US authorities froze $344 million worth of USDT linked to Iran last month, highlighting the vulnerability of centralized stablecoins to sanction enforcement. Earlier intelligence indicated Iran had accepted oil tolls in US dollar-denominated stablecoins like Tether USDt, alongside Bitcoin and fiat currencies such as the Chinese yuan, with USDT reportedly being the preferred digital asset. Industry leaders argue that Bitcoin serves as a more robust instrument for sanctioned nations due to its decentralized architecture and the absence of a central issuer capable of freezing funds. Woofun AI notes that this preference for non-custodial assets directly addresses the liquidity risks associated with sanctioned stablecoin networks.

In early April, a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union confirmed that specific vessels could transit the strait upon payment of a tariff of $1 per barrel of oil in Bitcoin. The official stated that once an email notification is received and Iran completes its assessment, vessels are granted a few seconds to execute the Bitcoin payment, ensuring the transaction cannot be traced or confiscated under existing sanctions regimes. This rapid settlement window is designed to exploit the immutable and pseudonymous nature of the blockchain to bypass traditional banking surveillance. Woofun AI analysis suggests that if implemented, this model could fundamentally alter the financial infrastructure of sanctioned maritime trade, forcing a broader adoption of decentralized settlement layers in high-risk geopolitical zones.