Crypto payments to pass Strait of Hormuz is the next logical step for Iran’s sanctions-skirting trade network

The Iranian regime has been increasingly using cryptocurrency over the last few years to facilitate cross border oil trading, according to data from Chainalysis. What to know : Iran recently confirmed bitcoin is being accepted as a payment to pass through the Strait. The Iran-backed Houthi regime, which uses crypto to trade oil, has raised the prospect of imposing a second shipping chokepoint in the Red Sea. If Iran demanded payment in the Trump family-affiliated stablecoin USD1, the President would have a financial incentive to lift sanctions, suggested one commentator.