During a two-week ceasefire with the U.S., Iran plans to impose cryptocurrency fees as transit tolls on oil tankers passing through the Strait of Hormuz, according to an industry official speaking to FT.
Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, stated that these crypto-denominated tolls would apply exclusively to fully loaded vessels. He emphasized the goal is to monitor cargo in transit to ensure no weapons are transferred during this period.
Tehran’s adoption of cryptocurrency for toll payments reflects a broader trend among nations with strained relations with the U.S., using digital assets to bypass conventional banking systems that leave a traceable record. Russia, for example, has utilized crypto to circumvent Western sanctions. Similarly, Iran is exploring digital payments to access funds needed for rebuilding infrastructure damaged by war.
The proposed system requires tankers to email cargo details to Iranian authorities, with tolls set at $1 per barrel of oil. Payment instructions in digital assets will be provided, potentially including bitcoin as an option.
Hosseini noted that empty vessels would not incur a fee, but fully loaded ships must adhere to the reporting and payment process via crypto before receiving clearance. “Upon receipt and verification of the email, tankers have mere seconds to pay with Bitcoin, ensuring anonymity and protection from sanctions,” he explained.
Additionally, Tehran might reroute traffic closer to its coastline within the Strait, prompting questions about Western and Gulf-aligned shipping firms’ readiness to traverse potentially perilous Iranian waters.