Iran Demands Bitcoin For Ships Passing Hormuz During Ceasefire

Iran will demand that shipping companies pay tolls in cryptocurrency for laden oil tankers passing through the Strait of Hormuz (source paywalled; alternative source), as it seeks to retain control over passage through the key waterway during the two-week ceasefire. Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the FT on Wednesday that Iran wanted to collect tolling fees from any tanker passing and to assess each ship.

“Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons,” said Hosseini, whose industry association works closely with the state. “Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush,” he added. […] Hosseini said that each tanker must email authorities about its cargo, after which Iran will inform them of the toll to be paid in digital currencies.

He said that the tariff is $1 per barrel of oil, adding that empty tankers can pass freely. “Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” Hosseini added.