"Iran is demanding that oil tankers crossing the Strait of Hormuz pay transit tolls in Bitcoin at a rate of $1 for every barrel of oil on board. A fully loaded supertanker carrying 2 million barrels would need to pay roughly $2 million in crypto before it can pass through."
"No country has ever used cryptocurrency as a sovereign payment tool at a global scale of this level. Iran is doing it because U.S. sanctions have cut it off from the dollar system, and crypto is the only payment method that cannot be frozen or seized mid-transaction."
"Regardless of what happens with the ceasefire, a sovereign nation has now used Bitcoin to collect payments on global trade at the world's most critical shipping lane. Iran has written the toll system into law through a formal act of parliament."
Iran has implemented a toll system requiring oil tankers to pay $1 in Bitcoin per barrel to cross the Strait of Hormuz. This move arises from U.S. sanctions that have excluded Iran from the dollar system, making cryptocurrency the only viable payment method. This unprecedented use of Bitcoin as a sovereign payment tool highlights its potential as a decentralized currency, despite the context of conflict. Iran has formalized this system through legislation, indicating its permanence beyond the current war situation.
Read at 24/7 Wall St.
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