Iran to accept crypto payments as fees for Oil tankers passing through the Strait of Hormuz – FT
- Iran is reportedly planning to accept cryptocurrencies as fees from fully-loaded Oil tankers passing through the Strait of Hormuz.
- The toll is set at $1 per barrel, and tankers must email their cargo details to Iranian authorities before passing.
- Bitcoin trades near $70,000 following the reports as WTI Oil prices dropped below $100.
Iran is reportedly planning to mandate crypto payments as transit fees for fully laden Oil tankers passing through the Strait of Hormuz during the proposed two-week ceasefire with the US, according to a Wednesday report by the Financial Times (FT).
Bitcoin, crypto to power new shipping fee framework for Strait of Hormuz
The proposal would require tanker operators to submit cargo details in advance via email for approval by Iranian authorities, Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told FT. Approved vessels would then pay a transit fee of approximately $1 per barrel, with payments accepted in Bitcoin and other crypto, or in Chinese yuan. Empty vessels would be exempt from the charge.
For a standard supertanker, the total fee could reach around $2 million, with payments expected to be processed within seconds to reduce the risk of interception or enforcement under international sanctions. The mechanism would also enable Iranian authorities to monitor tanker movements and ensure compliance during the ceasefire period.
The Strait of Hormuz remains a critical artery for global energy markets, facilitating roughly one-fifth of seaborne crude Oil trade. Recent geopolitical tensions had constrained tanker activity and contributed to elevated Oil prices.
However, the ceasefire has temporarily eased supply concerns, with West Texas Intermediate (WTI) crude falling below $100 per barrel and Brent crude declining by more than 10% on the day.
Iran has steadily expanded its cryptocurrency infrastructure in recent years, partly as a workaround to international financial restrictions. A few other sanctioned economies have employed a similar strategy as an alternative channel for cross-border energy transactions.
The initiative could serve as a real-world test case for the use of digital assets in large-scale commodity payments under geopolitical constraints. However, uncertainty remains whether such a framework could persist beyond the limited ceasefire window.
Bitcoin held steady above $70,000 following the developments, maintaining its gains from the ceasefire-led momentum.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
