Iran eyes crypto toll for oil tanker transits through Strait of Hormuz, according to FT
Iran plans to collect cryptocurrency and other digital payments as transit fees from fully loaded oil tankers passing through the Strait of Hormuz, said the report.
What to know:
- Iran plans to collect cryptocurrency and other digital payments as transit fees from fully loaded oil tankers passing through the Strait of Hormuz during a two-week cease-fire with the United States, according to an FT report.
- Under the proposed system, tankers must email cargo details to Iranian authorities, who will levy a toll of about $1 per barrel and instruct crews on how to settle the fee in digital assets such as bitcoin.
- The move underscores Tehran’s use of crypto to bypass dollar-based financial channels and sanctions, and could reroute traffic closer to Iran’s coastline, raising risks for Western and Gulf-linked shipping firms.
Hosseini’s comments signal Tehran’s willingness to use cryptocurrency for toll payments, highlighting the expanding real‑world use cases of digital assets in high-stakes geopolitical developments.
This isn’t new — nations at odds with the U.S. or its allies have long turned to crypto as a way to bypass traditional banking channels that leave a paper trail. Russia has indeed used cryptocurrency as part of broader efforts to evade Western sanctions, and in Iran’s case, Tehran is exploring digital payments as it looks to unlock funds for rebuilding the war-destroyed infrastructure.
The proposed framework will require tankers to notify cargo details to Iranian authorities via email, and the toll will reportedly be calculated at $1 per barrel of oil. Authorities will then instruct on how to settle the fee in digital assets, with officials citing bitcoin as a potential payment method.
