Strait of Hormuz: Iran to Implement Cryptocurrency

After the two-week ceasefire between the United States, Israel, and Iran was formalized on Tuesday, April 7, the fate of the Strait of Hormuz has become a major concern. What will happen in the coming days at this maritime crossroads? Iran has the answer. The country will implement tolls in cryptocurrency for tankers passing through the strait, as reported by the Financial Times. Tehran’s goal is to maintain control of this strategic waterway.

Hamid Hosseini, spokesperson for the Union of Iranian Oil, Gas, and Petrochemical Exporters – an organization closely aligned with the Iranian regime – stated that Iran is seeking tolls from all passing tankers and will evaluate each vessel. “Anything can pass, but the process will take time for each ship, and Iran is not in a hurry,” he added.

Maritime Freedom at the Heart of Tensions

Hosseini’s comments suggest that Iran will require all tankers to take the northern maritime route closest to its coasts, according to the Financial Times. This may raise questions about the willingness of Western or Gulf state-affiliated vessels to risk such a transit.

Despite this, U.S. President Donald Trump declared the night before that the ceasefire was conditioned on “the Islamic Republic of Iran’s agreement to the COMPLETE, IMMEDIATE, and SECURE opening of the Strait of Hormuz,” according to a social media post. Iran, on the other hand, seeks to maintain its influence over this maritime route.

Approximately 10 to 15 ships could cross the strait each day, as the process is “quite lengthy,” said Martin Kelly, a board member at maritime intelligence group EOS Risk. There were 135 vessels before the war.