Tehran aims to exploit strategic strait as new source of revenue, while Trump discusses military options against Iran...
Iran is studying the creation of a new bitcoin-based maritime insurance system for ships passing through the Strait of Hormuz, at a time when tensions with the United States and Israel continue to rise.
According to the Arab economic platform Asharq-Bloomberg, affiliated with the Bloomberg group and citing documents published by the Iranian Fars agency, the project will be called "Hormuz Safe" and targets Iranian shipping companies as well as owners of goods moving in the Persian Gulf and the routes around Hormuz.
The report says that insurance policies will be paid for in bitcoin and will be accompanied by “cryptographically verifiable” documents. According to documents attributed to the Iranian Ministry of Economy and Finance, the system could bring the Islamic Republic over $10 billion in revenue, although no timeline or concrete way the scheme would work has been made public.
The Strait of Hormuz is considered one of the world's most strategic energy corridors, as a large portion of global oil exports pass through it. Any developments related to the safety of navigation in this area are monitored with concern by international markets and Western powers.
The Iranian initiative comes at a time of high diplomatic and military tension with Washington. According to Axios, the Trump administration considers the latest proposal that Tehran sent to the US through Pakistan as part of negotiations over its nuclear program insufficient.
US sources told Axios that the White House believes the Iranian offer "does not represent significant progress" and is not enough to reach a deal.
US President Donald Trump is expected to gather top national security leaders in the "Situation Room" to discuss military options against Iran, while a US official warned that, if Tehran does not change its stance, negotiations could continue "with bombs".
According to the US administration, Iran has stated that it does not intend to develop nuclear weapons, but has not offered clear commitments to stop enriching uranium or hand over its stockpiles of highly enriched uranium.
US officials have also denied reports that the US is ready to ease sanctions without conditions. "We need a real, strong and detailed agreement on the nuclear program. Otherwise we will talk through bombs," a source told Axios.
Analysts estimate that the Iranian project for maritime insurance with bitcoin can also be seen as an attempt to avoid the traditional international financial system and the effects of Western sanctions, using cryptocurrencies as an alternative for international transactions at a time of economic isolation and geopolitical pressure./ Pamphlet
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