Strait of Hormuz Insurance: A Dubious Attempt at Economic Coercion Iran's proposal to offer Bitcoin based ship insurance for the Strait of Hormuz is a thinly veiled attempt to extract economic concessions from the global community.
The move, announced as part of the newly formed Persian Gulf Strait Authority (PGSA), would provide financial protection to vessels transiting the critical chokepoint while generating significant revenue for Iran.
The PGSA's formation is a direct response to Tehran's effective control over the Strait of Hormuz.