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Although Bitcoin has been designated by Iran as the toll for oil tankers in the Strait of Hormuz, actual settlements are still primarily conducted in stablecoins
According to Cointelegraph, Iran has designated Bitcoin for paying the oil transit fees in the Strait of Hormuz, but insiders say that most of the funds are still settled through stablecoins.
Hamid Hosseini, spokesperson for the Iranian Oil, Gas and Petrochemical Products Exporters Union, stated that each tanker must report its cargo information to Iranian authorities via email, after which Iran will inform the amount of the fee to be paid, which must be paid in cryptocurrency. "Once the email arrives and Iran completes the assessment, the vessel will be given a few seconds to pay in Bitcoin, ensuring that it cannot be tracked or confiscated due to sanctions."
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