Iran requires oil tankers passing through the Strait of Hormuz to pay transit fees in bitcoin

Foresight News reports, according to the UK’s Financial Times, Iran will require oil tankers to pay transit fees in Bitcoin when passing through the Strait of Hormuz during a two-week ceasefire period. Hamid Hosseini, spokesperson for the Iranian Oil, Gas and Petrochemical Products Exporters’ Association, stated that Iran intends to charge every passing oil tanker a transit fee and will assess each vessel individually. He added that Iran needs to monitor the materials moving through the strait to ensure the two weeks are not used for weapons transfers.

Hosseini pointed out that all ships are permitted to pass, but the procedures for each vessel take time, and Iran is not in a rush. Each oil tanker must send an email to the relevant authorities detailing their cargo, and Iran will inform them of the required cryptocurrency transit fee. The specific charge is $1 per barrel of oil, while empty oil tankers can pass freely. Hosseini added that once the email is received and the assessment is completed, the vessel will need to pay in Bitcoin within a short timeframe, to ensure transactions are not tracked or seized due to sanctions.