Bitcoin payments allowed for Hormuz tanker tolls as Iran seeks up to $2 million per ship: FT
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Iran is moving to impose transit fees on oil tankers passing through the Strait of Hormuz during a two-week ceasefire, with payments allowed in cryptocurrency, including bitcoin.
The toll is set at about $1 per barrel of oil, meaning a fully loaded supertanker could face charges approaching $2 million, Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the Financial Times.
Payments in cryptocurrency or Chinese yuan point to a familiar objective for Iran: reducing exposure to the dollar system and limiting the risk of funds being frozen under sanctions.
Bitcoin is increasingly crucial in Iran’s $7.8 billion crypto ecosystem, especially during crises like protests, military airstrikes or now a payment method in its Hormuz transit system.
The Block previously reported surges in Iranian bitcoin transactions in March, as tensions escalated in the Middle East.
Headline shocks from oil and energy prices have also weighed on and sometimes fueled uptrends for BTC and the broader crypto market. On Tuesday, Bitcoin jumped roughly 7% after reports came in on US-Iran ceasefire talks.
Bitcoin is currently trading at around $71,500 according to The Block’s price page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
source: https://www.tradingview.com/news/the_block:e610380e3094b:0-bitcoin-payments-allowed-for-hormuz-tanker-tolls-as-iran-seeks-up-to-2-million-per-ship-ft/
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