Iranian authorities have collected the first fee for a vessel crossing the Strait of Hormuz. The funds went to the central bank’s account, with payment accepted in digital assets.
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Iranian authorities have received the first fee for a vessel crossing the Strait of Hormuz. The funds went to the central bank’s account, reported Vice-Speaker of Parliament Hamid Reza Haji Babaie.
Tehran previously stated that payment would be accepted in yuan or digital assets.
Payment Mechanism: Bitcoin and Just Seconds to Transfer
Sources at the Financial Times revealed details. Each vessel sends an email with cargo specifications. After document verification in Tehran, an invoice is issued in cryptocurrency. The tariff is $1 per barrel of oil.
Captains have just seconds to complete the transfer in bitcoin (BTC) to protect against sanctions and asset freezes.
Chainalysis suggested that payment actually occurs in stablecoins.
Read more: Scammers Demand Bitcoin and USDT for Passage Through Strait of Hormuz
Estimates suggest Iran could receive up to $20-21M or approximately 280-282 BTC▼$63,053.00 per day.
A Little More Context
Before hostilities began, approximately 20% of global oil and gas volume passed through the Strait of Hormuz. Iran closed the strait until the US blockade is lifted. The Straits Times noted that shipping “will not return to pre-war conditions.“
Iran has de facto legalized bitcoin for interstate settlements under sanctions. The daily flow of $20 million will not significantly impact the BTC market. However, it changes the perception of cryptocurrency as a tool for geopolitical payments.
For the oil market, the fees create risks of increased delivery costs, which could push Brent back above $100 per barrel.
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