Iran is demanding that oil tankers pay tolls of up to $2 million in Bitcoin (BTC) to pass through the Strait of Hormuz during a two-week ceasefire, a move that directly challenges the petrodollar system and could generate roughly $7.3 billion annually for Tehran.
Bitcoin Toll on Hormuz Tankers
Hamid Hosseini, spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, told the Financial Times that Tehran plans to collect $1 per barrel from every laden tanker transiting the waterway. Empty vessels would pass without charge.
Each ship must email Iranian authorities with cargo details and receive a toll amount payable in Bitcoin.
Hosseini said the payment window lasts only seconds.
"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," the Financial Times reported, citing Hosseini.
By forcing settlement in crypto rather than dollars, Iran bypasses U.S. sanctions while setting a precedent that could weaken dollar dominance over global oil trade.
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Trump Ceasefire Collision
The demand puts Tehran on a collision course with Washington. President Donald Trump has stated that the ceasefire depends on Iran agreeing to the complete and immediate reopening of the strait.
Tankers in the Gulf received a radio broadcast on Wednesday warning that unauthorized vessels "will be destroyed." Iran's Supreme National Security Council has proposed a 10-point protocol that includes military oversight of all transit and a U.S. guarantee against future attacks.