Iran has announced plans to impose a $1-per-barrel toll on oil tankers passing through the Strait of Hormuz, with payments to be made in cryptocurrency. Under the proposed system, vessels will be required to share cargo details electronically, following which authorities will calculate the applicable toll.

The payments are expected to be settled in digital currencies such as Bitcoin, reflecting Iran’s move to explore alternative financial channels. The proposal signals a shift toward leveraging blockchain-based transactions for international maritime operations.

The development comes amid ongoing tensions between Iran and the United States, despite a fragile ceasefire. Given the strategic importance of the Strait of Hormuz as a key global oil transit route, the move could have implications for shipping costs and international trade dynamics.