Iran to demand crypto fees for tankers at Strait of Hormuz during ceasefire

Iran will demand shipping companies pay fees in cryptocurrency for oil tankers transiting the Strait of Hormuz, aiming to assert control over this strategic waterway during a two-week ceasefire.

Hamid Hosseini, a representative of Iran's Union of Oil, Gas and Petrochemical Exporters, told the Financial Times on April 8 that Iran intends to levy a fee for passage on every tanker and evaluate each vessel individually.

He said that Iran needs to control everything that enters and exits the strait to ensure that the two-week period is not used to transfer weapons.

“Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush,” Hosseini added.

“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” he noted.

The terms of passage through the strait are determined by Iran's Supreme National Security Council. Hosseini's remarks indicate that Iran will require all tankers to follow the northern route near its coastline, raising concerns about whether ships linked to Western or Middle Eastern nations are willing to take the risk of transit.

By Jeyhun Aghazada