Although Bitcoin has been designated by Iran for payment of the Hormuz Strait toll fee, actual settlement is still primarily in stablecoins

BlockBeats News, April 19, according to Cointelegraph, Iran has designated Bitcoin for paying the oil transit fees for the Strait of Hormuz, but sources familiar with the matter said that most of the funds are still settled through stablecoins.

BlockBeats previously reported that on April 8, according to the Financial Times, Iran will during a two-week ceasefire period, require shipping companies to pay the cryptocurrency (Bitcoin)-denominated transit fee for oil tankers passing through the Strait of Hormuz to maintain control of the waterway. Hamid Hosseini, a spokesman for the Iran Oil, Gas, and Petrochemical Products Exporters' Union, stated that each tanker must report its cargo information to the Iranian authorities via email, after which Iran will inform the ship of the amount of the transit fee to be paid, which must be paid in cryptocurrency. "Once the email arrives and Iran completes the evaluation, the ship will have a few seconds to pay in Bitcoin to ensure it cannot be traced or confiscated due to sanctions."