Iran is reportedly planning to mandate crypto payments as transit fees for fully laden Oil tankers passing through the Strait of Hormuz during the proposed two-week ceasefire with the US, according to a Wednesday report by the Financial Times (FT).

Bitcoin, crypto to power new shipping fee framework for Strait of Hormuz

The proposal would require tanker operators to submit cargo details in advance via email for approval by Iranian authorities, Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told FT. Approved vessels would then pay a transit fee of approximately $1 per barrel, with payments accepted in Bitcoin and other crypto, or in Chinese yuan. Empty vessels would be exempt from the…