Tehran proposes a digital insurance scheme for Strait of Hormuz transit fees, potentially generating $10 billion annually in Bitcoin payments.
Iran is considering a plan to collect shipping tolls in Bitcoin for vessels passing through the Strait of Hormuz, a critical chokepoint for one-fifth of global oil trade. The proposal, framed as an insurance framework, could generate over $10 billion in annual revenue for Tehran, according to local reports.
No such tolls existed before the US-Iran conflict escalated in February, which saw airstrikes and disrupted shipping. Last month, Iran reportedly collected its first transit fees, though the legitimacy of a related digital insurance platform remains unconfirmed.
The shift to Bitcoin follows US authorities freezing $344 million in USDT tied to Iran, complicating dollar-denominated transactions. Scammers have previously exploited the region, demanding cryptocurrency payments from shipping firms.