During the ceasefire, Iran will require shipping companies to pay in cryptocurrency for passage through the Hormuz Strait. This was reported by FT, citing oil exporters.
Hamid Hosseini, a representative of the Iranian Oil, Gas, and Petrochemical Exporters Union, stated that the country plans to charge any loaded tanker and will inspect each vessel for weapons.
“Iran needs to monitor what enters and exits the strait to ensure that these two weeks [of ceasefire] are not used for arms transfers,” Hosseini noted.
He added that vessels must notify the authorities of their cargo via email. Upon receipt, Iran will send payment details in digital assets.
“Once the email arrives and Iran completes its assessment, ships will have a few seconds to make payment in Bitcoin. This ensures that funds cannot be traced or confiscated due to sanctions,” emphasized Hosseini.
The fee will be $1 per barrel, while empty vessels can pass for free.
Iranian authorities threaten to strike tankers for illegal crossings.
The Hormuz Strait is a critical point in the ongoing conflict between the U.S. and Iran. The ability of vessels to pass through it affects global oil prices, and the digital asset market has recently reacted strongly to changes in commodity prices.
As of this writing, Bitcoin is trading just above $71,000, having gained 5% in the past day amid de-escalation in the Middle East.
Analysts at QCP believe that the resumption of shipping through the Hormuz Strait does not guarantee the lifting of supply restrictions or a decrease in inflationary pressure due to rising oil prices.