Iran is demanding cryptocurrency payments from shipping companies for vessels that pass through the Strait of Hormuz during the two-week ceasefire.
This week, Donald Trump announced a ceasefire had been agreed between the US and Iran in order for Iran to reopen Hormuz.
Iran submitted a 10-point peace plan for ending the war, which Trump described as a “workable basis on which to negotiate.”
The plan includes Iran effectively having control over the strait and establishing rules for safe passage through Hormuz.
Another point in the peace plan is that Iran would impose a $2m fee per ship passing through Hormuz, money that would be used to pay for reconstruction in Iran.
Now, the Financial Times reports that Iran wants tolls to be paid in cryptocurrency.
Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the publication on Wednesday: “Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons.
“Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush.”
Hosseini said that each tanker must email authorities about its cargo, with Iran then informing them of the toll to be paid in digital currencies.
He said that the tariff is $1 per barrel of oil, meaning empty tankers can pass freely.
“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” Hosseini added.
Since the news of the ceasefire was announced, the price of Bitcoin has surged by almost £1,300.
