Iran demands oil tankers pay the Strait of Hormuz transit fee in Bitcoin, with controls during ceasefire

According to the Financial Times, on April 8, Iran will require shipping companies to pay transit fees denominated in Bitcoin for oil tankers passing through the Strait of Hormuz during a two-week ceasefire to maintain control over the waterway. An official from the Iran Oil, Gas, and Petrochemical Products Exporters Association, Hamid Hosseini, stated that each tanker must report cargo information to Iranian authorities via email, after which Iran will inform them of the transit fee amount, which must be paid in cryptocurrency. The fee is $1 per barrel of oil, and empty tankers can pass for free. Once the email is received and Iran completes its assessment, the vessel will have a few seconds to pay in Bitcoin, ensuring that the payment cannot be tracked or confiscated due to sanctions.
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