Iran has formalized a new payment system for each oil tanker transiting through the Strait of Hormuz, a narrow waterway that carries roughly one-fifth of the global oil supplies. The move has been made to maintain a de facto control over the waterway.
According to the Financial Times, during the two-week ceasefire, each oil tanker must now pay a toll of about $1 per barrel, which would be roughly $2 million for a fully loaded crude carrier to secure passage. Payments are required in Bitcoin (BTC) to avoid obstacles of asset tracking and freezing caused by sanctions.
Hamid Hosseini, a spokesman for the Iranian Oil, Gas and Petrochemical Products Exporters Union, stated that “each tanker must declare cargo information to the Iranian authorities via email in advance, and Iran will then notify the amount of tolls payable. The toll standard is $1.00 per barrel of oil, and empty tankers can pass for free.”
Bitcoin and Crypto Rails
By shifting to crypto payments, Iran aims to avoid sanctions and SWIFT restrictions. Each transaction will be settled in seconds on blockchain networks, outpacing traditional compliance checks.
The story is already exploding over news platforms, with Bitcoin briefly surging above $72,000. Traders are calling it “institutional adoption by force,” while critics are labeling it a sanctions masterclass.
Previously, there were reports of payments in Yuan, but this tactical move by Iran marks a new era of cryptocurrency payments.
