Iran Demands Cryptocurrency Payments for Tankers Passing Through Strategic Strait
In a significant development during the ongoing two-week ceasefire, Iran has announced it will require shipping companies to pay tolls in cryptocurrency for oil tankers passing through the strategically vital Strait of Hormuz. The country's Oil, Gas and Petrochemical Products Exporters' Union revealed the new policy, which aims to maintain Iranian control over the crucial waterway while circumventing international sanctions.
Cryptocurrency Toll System and Monitoring Requirements
Hamid Hosseini, spokesperson for Iran's oil exporters' union, confirmed to the Financial Times that the country intends to collect fees from all passing tankers while conducting thorough assessments of each vessel. The tariff has been set at US$1 per barrel of oil, though empty tankers will be permitted to pass through without charge.
"Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren't used for transferring weapons," Hosseini explained, noting that his industry association works closely with the Iranian state. "Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush."
Operational Details and Security Concerns
The new protocol requires tankers to email Iranian authorities about their cargo details before transit. After assessment, Iran will inform vessels of the specific toll amount to be paid in digital currencies. Payments must be completed within seconds using cryptocurrencies like Bitcoin, which Hosseini noted cannot be traced or confiscated due to sanctions.
Decisions regarding passage conditions through the strait are made by Iran's Supreme National Security Council. Hosseini's remarks suggest Iran will require tankers to use the northerly route close to its coastline, raising questions about whether Western or Gulf state-linked vessels will risk transit under these conditions.
Military Threats and Regional Tensions
Tankers in the Gulf received a radio broadcast on Wednesday warning that vessels would face military strikes unless they first obtained approval from Iranian authorities. "If any vessels try to transit without permission, they will be destroyed," stated the English-language broadcast, according to a recording shared with the Financial Times.
The fate of transit through the Strait of Hormuz represents one of the most challenging issues facing negotiators attempting to transform the temporary ceasefire into a prolonged peace agreement. Iran's desire to retain leverage over the key waterway clashes with fierce opposition from U.S. allies in the Gulf region.
International Response and Negotiation Context
U.S. President Donald Trump stated that the ceasefire was contingent on "the Islamic republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz" in a social media post. Meanwhile, Iran's Supreme National Security Council outlined ten negotiation points with the U.S., including a new "protocol for secure passage" through the strait coordinated with Iran's armed forces.
Western ship owners are adopting a cautious approach while awaiting details about how and whether the strait might reopen. Currently, no vessels are attempting the transit apart from two linked to Iran, reflecting the uncertainty surrounding the new cryptocurrency toll system and monitoring requirements during this critical ceasefire period.
