Iran has announced a new regulation permitting oil tankers passing through the Strait of Hormuz to pay transit fees using cryptocurrencies or Chinese yuan. The policy, which will take effect during the country’s temporary truce period, marks a significant shift in Iran’s longstanding approach to international payments and sanctions.
Payment options for oil transit fees
According to Hamid Hosseini, spokesperson for the Iranian Oil, Gas and Petrochemical Products Exporters’ Union, the transit fee has been set at approximately one dollar per barrel. For supertankers carrying a full load, total charges may approach two million dollars per vessel.
Iran’s decision to accept cryptocurrency payments stems in large part from the sanctions implemented within the global banking system. By allowing digital asset payments—predominantly Bitcoin—the government aims to reduce the nation’s dependence on the US dollar. In tandem, the option to pay in Chinese yuan further broadens Iran’s alternatives for conducting international trade.
Crytocurrency’s expanding role in Iranian trade
Cryptocurrencies have been playing an increasingly central role in Iran’s economy in recent years. Within the country’s estimated $7.8 billion domestic crypto ecosystem, Bitcoin remains the leading digital currency. Activity within this sector typically rises amid social unrest, foreign pressure, or economic upheaval, demonstrating its resilience as an alternative means of transaction.
During periods of heightened tensions in the Middle East—such as last March—cryptocurrency transactions in Iran, particularly those involving Bitcoin, have spiked noticeably. These fluctuations have been supported by simultaneous increases in global oil and energy prices, which have also driven up the prices of Bitcoin and other digital assets.
While the Central Bank of Iran and certain state sectors have occasionally attempted to draft regulations concerning digital assets, the use of cryptocurrencies for cross-border transactions has become increasingly commonplace in practice.
Today, Bitcoin serves as an alternative payment method in both individual and commercial settings throughout Iran. With the new regulation, cryptocurrency is now an officially recognized payment option for fees on oil shipments passing through Hormuz.
This move follows Tuesday’s announcement of a temporary truce between the United States and Iran. Notably, after the truce was announced, Bitcoin’s price surged by 7 percent as investors responded swiftly to geopolitical developments across the region.
As of the latest reports, Bitcoin is trading around $71,500, reflecting the strong correlation between geopolitical news and the digital asset markets.
