Iran Demands Bitcoin Payments from Oil Tankers for Strait of Hormuz Passage

Iran's decision to require Bitcoin payments from oil tankers transiting the Strait of Hormuz has sent shockwaves through the crypto community. According to Hamid Hosseini, a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, Tehran will assess each vessel seeking passage and levy a fee that must be paid in digital currency.

The process involves ship operators disclosing cargo details by email, after which Iran will determine the crypto toll and give the vessel only a few seconds to complete payment in Bitcoin. This ensures the transaction cannot be traced or seized under sanctions.