Iran’s $10 Billion Bitcoin Plan: US Delivers Crypto Blow in the Strait of Hormuz
The US Department of the Treasury has decided to impose sanctions on an Iran-based marine insurance scheme attempting to bypass sanctions by accepting Bitcoin (BTC) payments from vessels passing through the Strait of Hormuz.
The United States is increasing pressure on the Strait of Hormuz, one of the most critical points in global trade. In a recent statement by the Department of the Treasury, it was announced that two Iranian companies forcing commercial vessels to purchase insurance policies and collecting these payments via cryptocurrencies have been blacklisted. The system in question reportedly funnels the generated revenues directly to the Islamic Revolutionary Guard Corps (IRGC).
The firms Persian Gulf Marine Insurance Company and HormuzSafe, added to the sanctions list, are being used as tools to maintain control over maritime traffic in the region. The Treasury Department describes this situation as an “extortion scheme” rather than standard insurance activity. Pointing out that risks such as the seizure of ships are created by Iran itself, the mandatory nature of these policies has drawn criticism.
Attempt to Circumvent Sanctions with Bitcoin
Developed by the Iranian Ministry of Economy, this system accepts Bitcoin (BTC) and other digital assets as payment methods to bypass economic restrictions imposed by the West. It is stated that these payments, demanded during the passage of massive tankers and cargo ships in the region, were designed to address high inflation and cash needs within the Iranian economy. Although local sources claim this model could generate annual revenues of $10 billion, the realism of this figure has not yet been verified.
US officials remind that payments made via cryptocurrencies carry the same risks as bank transfers, and foreign firms doing business with these companies could also face sanctions. As tensions in the Strait of Hormuz persist, the use of digital assets in such strategic operations remains on the radar of global regulators. The decline in vessel traffic in the region and high oil prices increase the importance of such digital payment methods for the regime.