Iran recently reported that the Strait of Hormuz, the most important sea route for the world's oil supply, will become a 'paid' route like a 'global toll' by charging ships that want to pass through it, no longer in US dollars but through crypto or the Chinese currency, the yuan.
This move is not just a technical change in the payment system, but rather carries a much bigger message.
Iran is seen trying to change the rules of the game by reducing the dominance of the dollar in international trade, while avoiding economic sanctions imposed by the West.
In an increasingly digital world, the use of crypto also opens up a space for transactions that are more difficult to detect, although it comes with high risks.
However, not all ships can pass through this strategic route easily.
Iran is said to use a country rating system from one to five to determine whether a ship is eligible to pass through the Strait of Hormuz.
Countries that are considered 'friendly' will get advantages, including lower payment rates and easier access.
For oil tankers, the negotiated price starts at around $1 per barrel.
Behind this strategy, there is a huge dilemma for shipowners and shipping companies.
They are now caught between two superpowers, Iran and the United States, with uncertain laws, sanctions, and insurance risks.
Crypto payments, while attractive from a privacy perspective, may not be covered by insurance, making every transaction a gamble.
Tensions have been rising as Donald Trump has expressed his desire to end the conflict with Iran within two to three weeks.
But the reality is much more complicated.
Attacks continue between the parties involved, with Iran responding with missiles and drones, leaving the region in turmoil.
If Iran’s moves continue, the world could see a major shift in the way oil trade is conducted, from a dollar-dominated system to a more fragmented and uncertain one.
