Crypto payments to pass Strait of Hormuz is the next logical step for Iran’s sanctions-skirting trade network
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Iran has started accepting cryptocurrency payments from cargo ships passing through the Strait of Hormuz, as part of its efforts to skirt sanctions. The move is seen as a logical step in Iran's existing sanctions-busting trade network, which has been using cryptocurrency to facilitate cross-border oil trading.
Iran is now accepting bitcoin as payment for cargo ships passing through the Strait of Hormuz. The fee is $1 per barrel of oil, with the largest tankers carrying up to two million barrels. This move is part of Iran's existing trade network, which has been using cryptocurrency to facilitate cross-border oil sales. The Iranian regime has been increasingly using cryptocurrency over the last few years, according to data from Chainalysis. The Iran-backed Houthi regime has also raised the prospect of imposing a second shipping chokepoint in the Red Sea.
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