Iran is switching to cryptocurrency payments for tanker transit through the Strait of Hormuz
Iran is seeking to receive payment for the passage of oil tankers through the Strait of Hormuz exclusively in cryptocurrency, which allows it to circumvent international banking sanctions.
This is reported in an investigation by The Wall Street Journal.
According to the publication, Iranian authorities have officially confirmed their intention to introduce digital payments for tanker passage. This effectively brings to light the country’s massive shadow cryptoeconomy, estimated at approximately $7.8 billion.
The article notes that the Islamic Revolutionary Guard Corps (IRGC) plays a key role in the crypto ecosystem; experts estimate that it controls a significant portion of digital transactions and uses state resources for cryptocurrency mining.
Tehran is introducing a fixed rate: $1 in cryptocurrency for every barrel of oil passing through the strait.
According to representatives of the Iranian oil sector, this approach allows them to avoid financial monitoring and sanctions control, as digital transactions are more difficult to track or block.
In addition to government agencies, cryptocurrency has become popular among the general population. Due to inflation and the decline of the national currency, Iranians are flocking to stablecoins, particularly Tether, to preserve their savings.
According to the WSJ, Nobitex, the country’s largest crypto exchange, has over 11 million users. During the escalation of tensions in the region, massive withdrawals were recorded.
Shipping companies are facing technical and legal challenges due to the need to process crypto payments on short notice and store digital assets.
The U.S. is already ramping up pressure on Iran’s crypto infrastructure. U.S. regulators are imposing sanctions on exchanges that, according to their data, facilitated transactions for Iranian entities.
Washington views Iran’s shift to crypto payments as a challenge to the global financial system and the dominance of the dollar.
As a reminder, U.S. President Donald Trump is demanding that European allies present concrete plans within a few days to ensure the safety of shipping in the Strait of Hormuz.
Recall that U.S. President Donald Trump stated that he had agreed to a two-week ceasefire with Iran, during which the parties plan to finalize a definitive agreement.
Iran has agreed to open the Strait of Hormuz to shipping for two weeks—for the duration of the ceasefire with the U.S. This agreement is part of broader negotiations on de-escalation in the region.
According to anonymous sources, Chinese officials held talks with Iranian representatives to encourage Tehran to cooperate and facilitate a ceasefire with the United States.
