Bitcoin Designated by Iran as Hormuz Oil Tanker Transit Fee, But Settlements Mainly Conducted in Stablecoins

BlockBeats News, April 19, according to Cointelegraph, Iran has designated Bitcoin for paying oil tanker transit fees through the Strait of Hormuz. However, informed sources indicate that most of the actual settlements are still conducted using stablecoins. BlockBeats previously reported on April 8, citing the Financial Times, that during a two-week ceasefire, Iran will require shipping companies to pay transit fees for oil tankers passing through the Strait of Hormuz in cryptocurrency (Bitcoin) to maintain control over the waterway. Hamid Hosseini, spokesperson for the Iranian Oil, Gas, and Petrochemical Products Exporters Union, stated that each tanker must report its cargo information to Iranian authorities via email. Iran will then notify the required transit fee amount, which must be paid in cryptocurrency. "Once the email is received and Iran completes the assessment, the vessel will have a few seconds to make the payment in Bitcoin, ensuring it cannot be tracked or seized due to sanctions."