The internationalization of the RMB happened overnight. Bloomberg revealed that now, ships wanting to pass through the Strait of Hormuz can only pay in cryptocurrency or RMB. Some ships have been offered a deal: if they’re willing to change their registration country and fly the Pakistani flag, they can pay to pass through the Strait of Hormuz. Shipowners need to contact intermediaries linked to Iran, with fees typically starting at around $1 per barrel of oil. After payment, they’ll receive a passcode for transit. Currently, there’s a supertanker capable of carrying 2 million barrels of crude oil waiting for passage in the strait. Based on the quoted price, it would require at least $2 million worth of RMB to pass. At least two major oil trading companies have received this proposal. Ships identified as belonging to Iran-friendly nations may even be granted priority passage.