According to the Financial Times, Iran is considering accepting Bitcoin (BTC) as payment for transit through the Strait of Hormuz.
Hamid Hosseini, spokesperson for the Iranian Oil, Gas and Petrochemical Products Association, said the tariff would be $1 per barrel and payments could be made with all cryptocurrencies, including Bitcoin.
Following the news, the price of Bitcoin rose slightly and is trading around $72,600.
Speaking to the Financial Times, Hosseini said, “Iran wants to collect transit fees from all oil tankers passing through the Strait of Hormuz and to inspect each ship individually. Iran needs to monitor entries and exits through the strait to prevent it from being used for arms smuggling during the two-week ceasefire period.”
Hosseini stated that Iran charges $1 per barrel for transit fees from oil tankers, adding, “After Iran completes the inspection of a ship, the shippers are given a deadline to pay in Bitcoin (BTC) or cryptocurrency within seconds. This is to prevent the funds from being tracked or seized due to sanctions.”
*This is not investment advice.