Bitcoin to Be Accepted for Houthi Oil Tanker Fees, Iran Reveals Strait Control Measures During Ceasefire

BlockBeats News, April 8th, according to the Financial Times, Iran will require shipping companies to pay a cryptocurrency (Bitcoin) denominated toll for oil tankers passing through the Strait of Hormuz during a two-week ceasefire to maintain control of the waterway.

Hamid Hosseini, a spokesperson for the Iran Oil, Gas and Petrochemical Products Exporters' Union, stated that each tanker must report its cargo information to Iranian authorities via email, after which Iran will inform them of the toll amount to be paid, which must be made in cryptocurrency. The fee is $1 per barrel of oil, and empty tankers can pass for free. "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."