Iran is reportedly considering imposing a 'toll' on ships passing through the Strait of Hormuz, and the payment will not be in dollars, but in Bitcoin.
At the time of writing, the price of Bitcoin is currently at $70,559, up 0.03% since it opened early Thursday in Asian trading.
The proposal comes shortly after a significant development involving the United States and Iran agreeing to a two-week ceasefire.
The agreement reopens the strategic Strait of Hormuz, a major oil shipping route that has previously been affected by military conflicts.
However, despite the reopening of this route, Iran is seen not missing the opportunity to introduce a new approach that has the potential to change the landscape of global trade.
According to reports, empty tankers will be allowed to pass through the strait without any fees.
However, for ships carrying oil, they will have to pay a charge of $1 per barrel of oil and most interestingly, this payment will have to be made in Bitcoin.
This means that a ship carrying millions of barrels of oil could have to pay millions of dollars in digital assets just to pass through the route.
Using Bitcoin, transactions can be made quickly, within seconds, and more importantly, they are difficult to track or block by outsiders.
In this context, the use of cryptocurrency gives Iran an advantage in avoiding the pressure of economic sanctions that have long been imposed by Western countries.
However, not all ships can pass through it easily. Iran will reportedly conduct an assessment of each ship that wants to use the route, including ensuring that it is not carrying weapons.
Only after passing the inspection will the ship be given permission to make a payment and continue its journey.
The price of crude oil has soared above $100 per barrel for the first time in four years.
At the same time, the crypto market has also experienced significant fluctuations, with Bitcoin moving in a price range of between $65,000 and $75,000.
Interestingly, this is not the first time Iran has used cryptocurrency as an economic tool. Before the conflict broke out, the country had already leveraged digital assets to reduce its dependence on the traditional financial system.
With its currency, the rial, weakening, Iran is seen increasingly aggressively using crypto as an alternative to maintain economic stability
