Key Takeaways:
Hamid Hosseini, spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, told the Financial Times on April 8 that oil tankers passing the Strait of Hormuz must pay $1 per barrel in cryptocurrency, with Bitcoin specifically cited and supertankers facing tolls approaching $2 million.
Iran's National Security Committee approved a bill in early April codifying yuan and stablecoin tolls into law, framing the fees as compensation for providing security through the waterway that carries roughly 20% of global oil and liquefied natural gas.
Bitcoin jumped 5% to above $71,700 in the minutes after the FT report, with Solana and Ethereum rising 7% and 8% before paring gains.
Financial Times reported on April 8 that Iran will collect cryptocurrency payments as transit fees from fully loaded oil tankers during the two-week ceasefire President Trump announced April 7. Hamid Hosseini of Iran's Oil, Gas and Petrochemical Products Exporters' Union, an industry group that works closely with the government, said tanker operators must email Iranian authorities describing cargo, then receive a toll assessment to be paid in digital assets. Empty tankers pass free.
"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 told the FT.
The formal system builds on informal IRGC operations Bloomberg documented April 1, where vessels negotiated fees around $1 per barrel through an IRGC-linked intermediary in exchange for a permit code and escorted transit. Crypto analytics firm TRM Labs told Fortune Iran's military has collected up to $2 million per vessel since mid-March, with payments accepted in Chinese yuan, Bitcoin, and potentially Tether's USDT stablecoin.
Chainalysis noted that while Hosseini referenced Bitcoin publicly, the IRGC's documented on-chain activity has overwhelmingly relied on stablecoins. Iran's crypto ecosystem reached $7.8 billion in 2025, and in Q4 the IRGC accounted for roughly half of it. Bitcoin is typically used for ransomware, while dollar-pegged stablecoins handle high-volume commercial flows.
Compliance risk for global shippers is severe. U.S. sanctions prohibit transactions with the Iranian government, meaning any Western-flagged vessel paying the toll could face OFAC penalties without a specific Treasury license. Maersk said it is taking a cautious approach and is not yet moving cargoes through.
Trump told ABC News he is considering a "joint venture" with Iran on the toll system. The ceasefire itself is fragile. The IRGC has already attacked a non-compliant Kuwaiti tanker.
The most notable part of this is what it confirms. Cryptocurrency is no longer a theoretical sanctions-evasion tool. A sovereign state running a chokepoint on 20% of the world's oil is using it live, at scale, on a published fee schedule.
People Also Ask
Q: Why is Iran accepting Bitcoin for Strait of Hormuz passage? A: Iran is subject to comprehensive U.S. sanctions and cannot easily receive dollar payments. Cryptocurrency, particularly Bitcoin and stablecoins, runs on financial rails not controlled by any government, letting Iran collect transit fees without going through the dollar system.
Q: How much does the Iran Hormuz toll cost? A: The toll is $1 per barrel of oil. A fully loaded supertanker carrying 2 million barrels would pay roughly $2 million per transit. Empty tankers pass free.
Q: Is paying the Iran tanker toll legal for U.S. companies? A: No. U.S. sanctions prohibit virtually all transactions involving the Iranian government and its agencies. A U.S. company paying the toll would require a specific license from the Treasury's Office of Foreign Assets Control (OFAC).
Q: What share of global oil passes through the Strait of Hormuz? A: Approximately 20% of global oil and liquefied natural gas supplies move through the Strait of Hormuz. Since late February 2026, transits have fallen roughly 97% as the war and subsequent closure disrupted shipping.
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