Iran's IRGC Charges Bitcoin Tolls on Oil Tankers Passing Strait of Hormuz

Iran began charging oil tankers cryptocurrency tolls to pass through the Strait of Hormuz as part of a two-week ceasefire with the United States.

“Bitcoin (CRYPTO:BTC) has ridden a wild ride lately”

24/7 Wall St.

The IRGC demanded fees of about $1 per barrel, payable in digital assets such as bitcoin or stablecoins like USDT, as well as Chinese yuan.

24/7 Wall St.

Hamid Hosseini said vessels are given a few seconds to pay in Bitcoin, ensuring they can't be traced or confiscated due to sanctions.

The toll system could generate up to $20 million per day from oil tankers alone.

The IRGC screens vessels for ties to the US or Israel, denying passage to enemy nations.

Tankers must email cargo details to Iranian authorities before being cleared for passage.

Empty tankers transit without charge, but fully laden vessels must comply with the reporting and crypto payment process.

Al-Jazeera Net

The IRGC issues a one-time secret permit code and route instructions.

The toll system formalizes control during the ceasefire while sidestepping sanctions.

President Trump warned Iran against imposing fees.

The Bitcoin community debated the feasibility and implications of Iran accepting BTC for tolls.

Alex Thorn noted conflicting reports suggesting tolls may be payable in stablecoins or Chinese yuan.

BTC advocate Justin Bechler said stablecoins can be frozen, while Bitcoin has no issuer or freeze function.

Thorn estimated each oil tanker would need to pay between $200,000 and $2 million in tolls.

The largest known Lightning transaction to date was $1 million.

Iran's use of digital assets represents a critical deployment of cryptocurrency for state-level sanctions evasion.

The IRGC effectively closed the strait to most commercial traffic, sending tanker transits down by 97%.

Arkham

Iran's National Security Committee approved a bill codifying the fee structure into law.

Legal scholars have noted the arrangement may conflict with customary international law.

The ceasefire lasts just two weeks.