The Strait of Hormuz was just reopened, will passage be paid in bitcoin?
A new report from the Financial Times says that the Iranian officials would require bitcoin and crypto payments for ships passing through the Strait of Hormuz.
A spokesperson for Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union, Hamid Hoisseini, noted that the toll must be paid in crypto after tankers submit details of their cargo. The payments are $1 per barrel, but empty vessels are exempt.
All ships will be monitored to prevent weapons smuggling during the two-week ceasefire, which was announced earlier this morning by US President Donald Trump after making serious threats to “destroy a civilization.”
Bitcoin was already impacted by the cease-fire deal, surging from $68,000 to a multi-week peak of around $72,000. It retraced slightly to around $71,400 before the report went live, but shipped once again to a new three-week high of almost $73,000 minutes ago.
After both sides announced the cease-fire, Trump said any country supplying military weapons to Iran will face a hefty 50% tariff.
In addition, the POTUS insisted that Iran will have “no enrichment of uranium.” The US will also assist Iran to “dig up and remove” all nuclear dust.
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