Amid ongoing geopolitical tensions, a new report states that Iran may demand Bitcoin payments from ships passing through the Strait of Hormuz. The proposed toll is $1 per barrel of oil cargo, which could equate to millions of dollars per vessel. This emerges as some Iranians have reportedly turned to Bitcoin as a potential safe-haven asset during regional conflict, sparking broader discussions about the cryptocurrency’s evolving role in international finance.
A report from Financial Times details that Iran may require ships to pay tolls in Bitcoin to retain control over the strategic Strait of Hormuz. Spokesperson Hamid Hosseini of Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union outlined a process where ships must first email cargo details to authorities.
The tariff is reportedly set at $1 per barrel, with payment required in Bitcoin within minutes of assessment. Vessels attempting to bypass validated procedures without payment reportedly risk being destroyed.
