Although Bitcoin has been designated by Iran for payment of the Hormuz Strait toll fee, actual settlement is still primarily in stablecoins

April 19, per Cointelegraph: Iran has designated Bitcoin for settling oil transit fees in the Strait of Hormuz, though sources familiar with the matter note most funds still use stablecoins. As previously reported by BlockBeats (citing the Financial Times on April 8), Iran will require shipping companies to pay cryptocurrency (Bitcoin)-denominated transit fees for oil tankers passing through the Strait of Hormuz during a two-week ceasefire to maintain control of the waterway. Hamid Hosseini, spokesperson for Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union, stated each tanker must email cargo details to Iranian authorities. After Iran completes its assessment, it will notify the vessel of the transit fee amount—**which must be paid in Bitcoin**. “Once the email is received and Iran’s evaluation is done, the ship has seconds to make the Bitcoin payment to ensure it cannot be traced or confiscated amid sanctions,” Hosseini said.