Iran imposes Bitcoin toll for oil tankers in Hormuz
6.9 Adoption Iran requires oil tankers to pay a $1 per barrel toll in Bitcoin to cross the Strait of Hormuz during a ceasefire, warning unauthorized ships will be destroyed. The move aims to avoid sanctions and boost revenue.
Iran has declared that all oil tankers passing through the Strait of Hormuz during a two-week ceasefire must pay a transit toll of $1 per barrel, with payments exclusively in Bitcoin. This policy aims to maintain control over the vital waterway and prevent funds from being tracked or frozen due to international sanctions. Tankers are required to email Iranian authorities with cargo details, undergo inspections, and complete the payment in cryptocurrency within seconds. Empty tankers are exempt from the toll. Iran has issued a stern warning that any vessel attempting to transit without proper authorization will be destroyed. These new procedures may cause delays, and Iran may require ships to use a northern route closer to its coast. The toll collection is expected to generate significant revenue and is part of Iran's broader effort to monitor and control the flow of goods through the strait during the ceasefire period.
