PANews reported on May 18th that, according to CryptoBriefing, Iran has launched Hormuz Safe, a state-backed digital marine insurance platform that provides marine insurance for vessels transiting the Persian Gulf and the Strait of Hormuz, settling transactions in Bitcoin and other cryptocurrencies. The Iranian government believes that if the platform can capture a significant share of the Persian Gulf shipping insurance market, it could generate over $10 billion in revenue. Hormuz Safe aims to bypass the SWIFT network and Western intermediaries, reducing Iran's reliance on traditional financial infrastructure. The biggest obstacle facing the platform is international recognition; interaction with the platform by shipowners, trading companies, or port authorities could trigger secondary sanctions.