Iran is reportedly considering charging Bitcoin tolls for oil tankers passing through the strategic Strait of Hormuz to circumvent Western sanctions. A spokesperson stated vessels would be given seconds to pay roughly $2 million per fully loaded ship, an amount equal to about 281 BTC. The move underscores Bitcoin’s growing role as a censorship-resistant asset in geopolitical conflicts and has sparked debate within the crypto community regarding its implications and verification.
Iran is reinforcing Bitcoin’s role as a hedge against censorship by pushing for crypto tolls on ships in the Strait of Hormuz. Following a shaky ceasefire, it plans to charge $1 per barrel of oil carried, which for a fully loaded ship equals about $2 million or 281 BTC.
Hamid Hosseini, a spokesperson for Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union, told the Financial Times that vessels would have mere seconds to pay in Bitcoin. He stated this method ensures payments cannot be traced or confiscated due to sanctions.
Previously, Bloomberg reported the Chinese Yuan was also an accepted payment method. However, the addition of Bitcoin to potentially avoid Western sanctions was a notable development.
The sector had already shown strong resilience during the West Asia crisis, with BTC outperforming gold as tensions intensified in March. Reacting to the news, Strike founder Jack Mallers said Bitcoin was racing to be the ‘future world reserve currency.’
Others, like BitMEX founder Arthur Hayes, expressed skepticism. “I’ll believe Iran is charging a toll in $BTC when I see a tx linked to a vessel’s toll payment,” he stated.
Iran is no stranger to cryptocurrency, with activity surging to nearly $8 billion after its local currency collapsed. A Chainalysis report indicated the regime accounted for half of all Iranian crypto activity, often to bypass sanctions. This focus has also made the sector a prime target for hacks.
