Bitcoin Payments Required for Hormuz Passage

Iran Requires Bitcoin Payments for Strait of Hormuz Passage

• Iran demands Bitcoin payments for ships passing through the Strait of Hormuz, as reported by a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union.
• The toll is approximately $1 per barrel, payable in cryptocurrency after tankers provide cargo details.
• Empty vessels are exempt from this fee; however, all ships are monitored to prevent weapons smuggling during a two-week ceasefire.
• Ships must follow the northern route near Iran’s coast or face military strike warnings if rules are ignored.
• The slow transit process allows only a few ships per day, causing a backlog in the Gulf. Shipping companies like Maersk proceed cautiously as terms are clarified.

Iran’s new policy requires ships to pay tolls in Bitcoin for passage through the Strait of Hormuz, with exceptions for empty vessels. The process is slow-moving and has led to a backlog while shipping companies await further clarification on terms.