Iran Wants Bitcoin Payments From Oil Ships Seeking Hormuz Passage: FT
Following a two-week ceasefire between the United States and Iran, Iran has announced a plan to control the Strait of Hormuz and allow resumption of oil tanker traffic. Under the plan, Iran will charge a $1 fee per barrel of oil passing through the strait, to be paid in Bitcoin. Ships must declare cargo and await Iranian approval before sending the payment to an Iranian wallet, giving operators only seconds to comply. Iranian officials assert that using Bitcoin prevents the fees from being traced or seized due to sanctions. The system aims to ensure that no weapons are transported during the ceasefire. Iran’s Supreme National Security Council determined the plan’s logistics and conditions. The move follows Iran’s seizure of the strait after US and Israeli attacks in February; the strait is a key route for global oil supply. Regional exporters such as Saudi Arabia and the UAE may object to Iran’s extended control. US President Trump expressed interest in a joint US-Iran toll venture, but Iranian officials did not mention any collaboration.
