Report: Iran Considers Bitcoin Payment System for Strait of Hormuz Maritime Traffic
According to reports, the US-Iran agreement will allow empty oil tankers free passage through the strategic waterway, while specific vessels must pay a $1-per-barrel Bitcoin fee.
Following US President Donald Trump's announcement that a two-week ceasefire agreement had been reached between Iran and the United States, which included provisions for reopening the Strait of Hormuz, reports have emerged that Iranian officials are contemplating imposing cryptocurrency-based fees on vessels navigating the strategic waterway.
A Wednesday report from the Financial Times revealed that Hamid Hosseini, a spokesperson representing Iran's Oil, Gas and Petrochemical Products Exporters' Union, stated that while empty oil tankers would be granted passage through the Strait of Hormuz free of charge, specific vessels would be required to pay a fee of $1 per barrel of oil using Bitcoin (BTC).
According to the report, Hosseini indicated that Iranian officials would conduct evaluations of every vessel utilizing the waterway during the two-week ceasefire period to verify that no weapons are being transported.
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.
Hamid Hosseini, according to the Financial Times
Following air strikes conducted by US-Israel forces on Iranian targets during February and March, numerous vessels have been effectively prevented from utilizing the Strait of Hormuz for the transportation of oil and various other commodities. In response to Iran's actions and escalating geopolitical tensions, crude oil prices surpassed the $100 per barrel threshold for the first time in four years, while cryptocurrency markets experienced significant volatility, with BTC prices ranging between $65,000 and $75,000.
On Tuesday, Trump announced via his Truth Social platform that the ceasefire agreement encompassed a pause on the "bombing and attack of Iran for a period of two weeks" along with the "complete, immediate, and safe opening of the Strait of Hormuz." Iranian state media outlets reported that the nation had presented a 10-point proposal to the US president as preconditions for the agreement, which included maintaining control over the waterway and lifting sanctions imposed on Iran.
Prior to war, Iran still used crypto to bolster its currency
Prior to the February escalation of military conflict between US-Israeli forces and Iran, intelligence reports indicated that Iran had been leveraging digital assets as a mechanism to circumvent international sanctions while its national currency, the rial, experienced significant depreciation against the US dollar.
In January, blockchain analytics platform Elliptic published findings indicating that Iran's central bank had purchased half a billion dollars worth of Tether's USDt (USDT) stablecoin. Additionally, TRM Labs documented approximately $3.7 billion in aggregate cryptocurrency transactions flowing through Iran between January and July 2025.