Iran’s new insurance plan for ships in the Strait of Hormuz

Iran has introduced a new system called Hormuz Safe, a digital insurance platform to help ships pass safely through the Strait of Hormuz. Instead of traditional insurance, vessels will pay using cryptocurrency. The plan is led by Iran’s Economy Ministry, which claims it can manage the strait better this way. The government says this approach lets Iran control ship movements while earning money. Ships from different countries would need different insurance policies, giving Iran more oversight. For now, the insurance covers inspection, detention, and possible confiscation—but not damage from military attacks. Iran hopes this will bring in over $10 billion, far more than just charging tolls.The Strait of Hormuz is a key shipping route, and Iran has been dealing with tensions for years. After conflicts with the US and Israel, Iran closed the strait to their ships but allowed others, like Chinese and European vessels, to pass with permission. Recently, Iran has been pushing for more control, even discussing the plan with Oman to strengthen regional authority. Some countries, like France and India, have already worked with Iran to ensure safe passage. Meanwhile, the US has kept a blockade on Iranian ports since the ceasefire started, which Iran calls illegal. Both sides have exchanged attacks in the area, raising concerns about further conflicts.