The narrow waterway between Iran and the Arabian Peninsula handles roughly a fifth of the world’s daily oil supply. Now, the country that controls one side of it is reportedly building a crypto-powered toll booth.
Iran is developing a Bitcoin and stablecoin-based financial framework within the Strait of Hormuz, according to local reports. The initiative includes a new maritime insurance platform called “Hormuz Safe” that accepts payments in Bitcoin and other crypto assets for coverage and safe-passage services.
How the toll system works
The Islamic Revolutionary Guard Corps, which wields enormous economic and military influence inside Iran, is reportedly at the center of this operation. The IRGC has been charging oil tankers a toll of approximately $1 per barrel for transit through the strait, with payments accepted in yuan or stablecoins through a coded system designed to obscure the transaction trail.
More recently, tankers have reportedly been required to pay tolls in Bitcoin specifically, with additional measures put in place to prevent payment tracing or confiscation by foreign authorities.
