Iran Is Charging Tankers Up to $2 Million in Bitcoin to Pass Through the Strait of Hormuz

TLDR

• Iran is considering charging ships a $1 per barrel toll in Bitcoin to pass through the Strait of Hormuz during a two-week US-Iran ceasefire
• A fully loaded supertanker could face fees of up to $2 million
• Payments can also be made in Chinese yuan, avoiding the US dollar
• Iran’s central bank previously acquired $500 million in USDT, and the country has a $7.8 billion crypto ecosystem
• Bitcoin jumped roughly 7% after reports of US-Iran ceasefire talks emerged

Iran is reportedly planning to charge ships passing through the Strait of Hormuz a toll payable in Bitcoin during a two-week ceasefire agreed between the US and Iran.

A spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, Hamid Hosseini, told the Financial Times that the toll is set at $1 per barrel of oil. A fully loaded supertanker could face charges approaching $2 million.

Empty oil tankers will be allowed to pass through without paying. Ships carrying cargo will need to pay before being cleared to proceed.

Hosseini said vessels will have only a few seconds to complete the Bitcoin payment once approved. The short window is designed so payments cannot be traced or seized under existing sanctions.

Payments can also be made in Chinese yuan. Both options deliberately sidestep the US dollar and reduce the risk of funds being frozen.

Why Iran Is Using Crypto

Iran has been turning to digital assets for several years as US sanctions have squeezed its economy. The country’s currency, the rial, has dropped sharply against the US dollar.

In January, blockchain analytics firm Elliptic reported that Iran’s central bank had acquired $500 million worth of Tether’s USDt stablecoin. Separate data from TRM Labs tracked around $3.7 billion in total crypto flows through Iran between January and July 2025.

Iran’s overall crypto ecosystem is valued at around $7.8 billion. Bitcoin has become a key part of how the country moves money during periods of crisis.

The Strait of Hormuz is one of the world’s most important oil shipping lanes. Many ships were effectively blocked from using it after US-Israeli air strikes on Iranian targets in February and March.

Ceasefire Terms and Oil Prices

US President Donald Trump announced the ceasefire on his Truth Social platform, saying it included the suspension of attacks on Iran and the full reopening of the Strait of Hormuz.

Iran’s state media said the country presented a 10-point plan as a condition for the deal. That plan included continued Iranian control of the waterway and the lifting of US sanctions.

Oil prices surpassed $100 per barrel for the first time in four years following the earlier disruptions. Crude oil prices have been closely watched by energy markets throughout the conflict.

Bitcoin prices were volatile during the same period, moving between $65,000 and $75,000. After ceasefire reports emerged on Tuesday, Bitcoin rose roughly 7%.

The Block previously reported surges in Iranian Bitcoin transactions in March as Middle East tensions escalated.

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