Iran is increasingly aggressively embracing cryptocurrencies in its economy, including a surprising proposal to impose transit fees on oil tankers passing through the Strait of Hormuz and accept payments in crypto.
The move is seen as an effort to circumvent international financial sanctions that have made it difficult to transact using traditional banking systems.
Iran’s crypto economy is estimated to be worth around $7.8 billion, driven by economic sanctions, high inflation, and the devaluation of the rial.
In this situation, crypto has become an important alternative not only for the government, but also for ordinary citizens who want to protect the value of their savings.
According to reports, influential entities such as the Revolutionary Guard Corps (IRGC) are also actively using digital assets for trading and fundraising.
At the same time, the Central Bank of Iran is also reported to hold stablecoins such as Tether (USDT) to facilitate international transactions and stabilize the economy.
Crypto has also become an important tool for surviving in unstable economic conditions.
Many Iranians use digital assets to protect their savings from inflation, avoid the depreciation of the rial, and indirectly access global financial markets through local crypto exchange platforms.
However, the idea of using crypto as an ‘oil toll’ in the Strait of Hormuz still raises many questions in terms of implementation.
The global shipping industry needs a fast, stable, and easily regulated payment system, while crypto transactions are still vulnerable to price fluctuations, technical risks, and cybersecurity issues.
Furthermore, pressure from international regulators, particularly the United States, makes large-scale use of crypto more complex.
