Crude Crypto Costs Could Keep Strait of Hormuz Clogged

From thedailyupside.com

Next up in the Strait of Hormuz saga: crypto fees. Iran will demand $1 per barrel of oil paid in crypto for passage through the Strait of Hormuz, an industry official told the Financial Times. Large tankers carry millions of barrels each, and as bitcoin’s price rises this week, that toll could become more costly. Tankers will have to email details about their cargo to Iranian authorities, who’ll calculate the bill, said Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union. The toll system is meant to avoid tracing and confiscation under any global sanctions and to ... (full story)