Iran is planning to require oil tankers transiting the Strait of Hormuz to pay transit fees in Bitcoin. Officials state this digital currency usage is intended to circumvent sanctions by making payments difficult to trace or seize.
Under the proposal, ships will need to notify Iranian authorities of their cargo and await approval before making a Bitcoin payment to an Iran-controlled wallet. This system aims to prevent illicit shipments during a recent ceasefire period.
The move follows Iran's seizure of control over the Strait, a critical chokepoint for global oil supply. Regional exporters may object to Iran's extended control over this shared waterway.