The Strait of Hormuz remains blocked, and Iran demands that transit fees be paid in Bitcoin

Although the U.S. and Iran have announced a temporary ceasefire for two weeks and opened the Strait of Hormuz to passage, for now no other vessels besides two ships related to Iran are attempting to transit the strait. The Financial Times reported that Iran said it would charge a one-dollar transit toll per barrel on tankers passing through the Strait of Hormuz, and that payment would be made in bitcoin to ensure the ships are not tracked or seized due to sanctions.

Financial Times: Iran requires payment of the toll in bitcoin

According to a Financial Times report, Iran requires tankers transiting the Strait of Hormuz to first declare their cargo by email. After assessment, ships carrying crude oil must pay a “$1 per barrel” transit fee, while empty vessels can pass for free. The fee is strictly required to be paid in bitcoin within an extremely short time to avoid funds being traced or seized.

De-dollarization effects: shifting from the yuan to bitcoin?

From a macroeconomic perspective, forcing bitcoin payments for transit fees is effectively a challenge to the traditional “petro-dollar” system. Iran is under international financial sanctions, making it difficult to settle in dollars through conventional banks; it has also previously been reported that Iran used the yuan as a settlement currency.

By forcing the use of decentralized bitcoin as the settlement medium, Iran can avoid the risk of funds being frozen and generate real income. If this approach of linking strategic trade routes to digital assets is emulated, it could accelerate the de-dollarization of global trade settlement.

The Strait of Hormuz remains blocked, and the market watches the latest rules

Although the U.S. and Iran have announced a temporary ceasefire for two weeks and opened the Strait of Hormuz to passage, according to reporting by Iran’s state media, Nour News Agency, the Islamic Republic of Iran’s ports and maritime organization has announced two designated safe shipping lanes for entering and exiting the Strait of Hormuz.

But shipowners are still taking a cautious approach; currently, besides two ships related to Iran, no other vessels are risking passage through the strait. Industry insiders estimate that 300 to 400 ships are waiting to leave the Gulf as soon as possible.

Analysts warn that handing control of the Strait of Hormuz to Iran could fundamentally change the internal balance of power within the organization, because it would give Tehran potential veto power over exports to competitors.

This article The Strait of Hormuz remains blocked, and Iran demands bitcoin payment for transit tolls first appeared on Chain News ABMedia.