Iran is pushing a $10 billion Bitcoin insurance plan for cargo transiting the strategic Strait of Hormuz. The proposal would settle marine cargo cover in Bitcoin under standard policies and certificates, effectively creating a crypto-native insurance layer for one of the world's most critical oil and trade chokepoints. The initiative could direct up to $10 billion to Iran, according to the government's estimates.
Bitcoin as the settlement currency
Under the plan, Iranian insurers would accept Bitcoin premiums and pay out claims in the same cryptocurrency. Marine policies and certificates would be denominated in bitcoin, bypassing the need for dollar-based settlement through traditional banking channels. The framework targets all cargo moving through the Strait of Hormuz, where roughly a fifth of the world's oil passes daily.
Iran has faced restricted access to the global insurance and reinsurance market for years due to international sanctions. A Bitcoin-denominated system lets Tehran circumvent dollar-clearing requirements and keep the insurance value inside the country. The $10 billion figure represents the total premium pool Iran expects to capture if the plan is fully adopted.
What comes next
The proposal is being circulated among Iranian maritime and insurance authorities. No timeline for implementation has been announced, and the plan's success depends on whether international shippers and cargo owners accept Bitcoin-denominated coverage. For now, it's a formal pitch — not yet a policy.
