Hours after US President Donald Trump claimed that Iran and the US had agreed to a two-week ceasefire that included opening the Strait of Hormuz, Iranian authorities are reportedly contemplating charging ships utilizing the waterway in cryptocurrency.
In accordance with a Wednesday Monetary Instances report, a spokesperson for Iran’s Oil, Fuel and Petrochemical Merchandise Exporters’ Union mentioned empty oil tankers will have the ability to move by means of the Strait of Hormuz with out incurring prices, however sure ships might want to pay a tariff of $1 per barrel of oil in Bitcoin (BTC).
The spokesperson, Hamid Hosseini, reportedly mentioned Iranian authorities would additionally assess every ship utilizing the waterway over the two-week interval to make sure it wasn’t transporting weapons.
“As soon as the e-mail arrives and Iran completes its evaluation, vessels are given just a few seconds to pay in Bitcoin, making certain they will’t be traced or confiscated attributable to sanctions,” mentioned Hosseini, in keeping with the Monetary Instances.
Many ships have successfully been minimize off from utilizing the Strait of Hormuz to move oil and different provides after US-Israel air strikes on Iranian targets in February and March. Amid the transfer by Iran and geopolitical tensions, the value of crude oil exceeded $100 per barrel for the primary time in 4 years and the costs of many cryptocurrencies have been risky, with BTC fluctuating between $65,000 and $75,000.
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Trump claimed on his Reality Social platform on Tuesday that the ceasefire deal included the suspension of the “bombing and assault of Iran for a interval of two weeks” and the “full, speedy, and protected opening of the Strait of Hormuz.” Iran’s state media reported that the nation delivered a 10-point plan to the US president as a situation for the deal, together with continued management of the waterway and the tip of sanctions on Iran.
Previous to struggle, Iran nonetheless used crypto to bolster its forex
Earlier than the escalation of hostilities between US-Israeli forces and Iran in February, studies urged that Iran had been utilizing digital belongings to evade sanctions amid its forex, the rial, dropping towards the US greenback.
Blockchain analytics platform Elliptic reported in January that Iran’s central financial institution acquired half a billion {dollars} value of Tether’s USDt (USDT) stablecoin. TRM Labs additionally tracked about $3.7 billion in whole crypto flows in Iran between January and July 2025.
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