Iran will demand shipping companies pay tolls in Bitcoin (CRYPTO: BTC) for oil tankers passing through the Strait of Hormuz during the two-week ceasefire, directly contradicting President Trump’s demand for “complete, immediate, and safe opening” of the waterway.

The Bitcoin Toll System

Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the Financial Times that Iran wants to collect tolling fees from any tanker passing and assess each ship.

“Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons,” Hosseini said. 

His industry association works closely with the state.

Each tanker must email authorities about its cargo. Iran will then inform them of the toll in digital currencies.

The tariff is $1 per barrel of oil, while empty tankers can pass freely.

“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” Hosseini added.

Iran's Supreme National Security Council decides the conditions for passing the strait.

Hosseini’s remarks suggest Iran will require tankers to use the northerly route close to its coastline, raising questions over whether western or Gulf state-linked vessels will risk transit.

The Military Threat

Tankers in the Gulf on Wednesday received a radio broadcast warning they would face military strikes unless they first gained approval from Iranian authorities.

“If any vessels try to transit without permission, [they] will be destroyed,” said the broadcast in English, according to a recording shared with the Financial Times.

The Trump Clash

President Trump said on Tuesday night the ceasefire was contingent on “the Islamic republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” according to a social media post.

A statement from Iran’s Supreme National Security Council listed 10 points that form the basis for negotiations with the U.S., including a new “protocol for secure passage” through the strait in coordination with Iran’s armed forces.

The fate of transit through the strait is one of the thorniest issues facing negotiators as they try to turn a temporary ceasefire into prolonged peace, with Iran’s desire to retain leverage over the key waterway clashing with fierce opposition from the U.S.’s allies in the Gulf.

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