Iran Wants Bitcoin Payments From Oil Ships Seeking Hormuz Passage

[BABY SHOES]

Didn't Iran previous said these oils must be bought using chiness Yuan? Now they are shifting towards bitcoin for charging tolls? Or can both be used? I'm a little confused right now, since i haven't been following this subject lately, so i don't know much. Can anybody tell me what changed or going on?

What I know is that Iran now still accepts Yuan for tankers to pass through the Strait of Hormuz and does not use dollars anymore, now there is news that Iran will use bitcoin as a toll payment in the Strait of Hormuz, some income is likely stablecoins will be accepted but I doubt this is a centralized dollar that can be frozen at any time, so using bitcoin is not mandatory.

[Ambatman]

I think the price of Bitcoin would go up due to an additional fixed demand. Considering the fact that $200 million USD will be collected in Hormuz fees daily (Considering 100 ships). That means $200 million USD in Bitcoin every day must be aquired by ships passing Hormuz Strait in order to pay the transit fee. That is $73 Billion USD in yearly Bitcoin purchases. Which is quite a large investment into Bitcoin.

But what would happen later
Would Trump really want to sit back and see Iran find a way around their circumstances?
I think it might open the cans of regulations and investigations on exchanges
But if not it means the government have tacitly accepted the fact Bitcoin can be use to bypass their restrictions.

[DYING_S0UL]

Iran wanted yuan and stable coins but now he wants bitcoin. I think Iran wants to add bitcoin to it is what I think.

Yuan will be better than stable coins for their goal, but if Iran thinks rightly, they should not accept fiat or fiat stable coins, the best is just bitcoin.

Thank you for the link Charles, just took a quick look.

Yeah, it's pretty understandable why would you want bitcoins as payment. Given the current situation, and all these sanctions by the US, Bitcoin does became a very good alternative to bypass certain restrictions. A very good strategic move indeed.

Now let's see how long this really continues.

Will Be Destroyed’—Iran’s Bitcoin Toll Sparks $100K Price Prediction

Since there is a two-week ceasefire, we will see the market headed upwards, but after the two-week ceasefire, we could see another episode of bombings, and this could harm the market again. I admire Iranian's resilience, but Trump is serious in ending this war in their favor.

What's your opinion on this? Do you think this 2 weeks of ceasefire would last? I personally don't think so. Because I have already seen some news where the American ally attacked Lebanon...which is a clear violation of one of the conditions given by Iran.

[moneystery]

So, it's not just the Yuan, and now Iran is interested in charging Bitcoin as a toll for passage? They finally understand the true purpose of Bitcoin. But I read the news and saw that Trump also expressed interest in charging tolls on ships for the Hormuz Passage. So, I find this situation quite amusing, because both Iran and the US seem to be seeking to profit from this, even though this strait isn't just theirs, but an international strait open to global shipping. But that's how it is, the strong rule. Let's see if the US will try to take over this strait and collect all the tolls.

[bhadz]

Attacking all your neighbors and then telling them that they need to pay you to ship things around their country seems like a bold move.  We'll have to wait and see how it plays out for them.  Seems to me like this is a tragic mistake that will hurt them for a long time as they damage relationships with their neighbors and become dependent on other countries for revenue.  They might just find that other countries find a better solution...

Yeah, very bad move but they might say and ask that who done it first which triggered them to attack the bases of their allies despite them being neighbors and friends. It's interesting to know how these neighboring countries will try to create alternative routes through gas pipes if they can. Since Saudi Arabia did it, maybe Oman and UAE could do the same so that there's no need for them to pass through the Strait and avoid the fee that Iran is asking them although that will take time and cost them money but I think it's more effective in the long term.

[passwordnow]

If something like this were to happen, how do you think crypto market would be affected?

One thing for sure, if it's mainly bitcoin then the demand would increase over time. I think that this war will end with this toll fee being a permanent feature and power of Iran in the area. So, all ships passing through there will be required now and that's part of the deal in order for Iran to reshape and fund what has been destroyed during this war on them. While I don't like how it happened but, there's no option for all of the ships and businesses there that need to pass through but to pay. And by having this, I think other important choke points who have ships passing through for free might also demand something like this.

It’s very unfortunate that this is happening. If rising costs lead to higher prices for goods, and fuel shortages make harvests more expensive, we may face a major food crisis and even hunger in less developed countries. I hope that a diplomatic solution will be found as soon as possible, otherwise, this may only be the beginning of much bigger difficulties.

It's already happening. For countries that doesn't have food security and relies to shipments of their major food products, they're going to be the badly hit ones. The cost will be even more because these ships won't just move without having oil, diesel or whatever petrol products it needs to move. So, if they will not have an alternate source for it, then expect that inflation is really going to hit us all terribly.

[red4slash]

At least I think this scheme is more aware compared to the initial decision about payment using stable coins although currently there is still nothing further about stable coins as a means of payment later but when they push for transaction tools using bitcoin then this will be much better.

They seem to be utilizing the advantage very well to pressure the US in the conflict that is happening now because it is not only about how they do privileges for some countries that are in the same line as China but they also want to pressure Petrodollars as much as possible with some things they can do and with bitcoin they know sanctions will not work.

[slapper]

Everyone's trying to squeeze this into a market take but that is not what's happening.

And Iran did not simply wake up one morning and think that Bitcoin was cool. They been mining it for years, subsidized electricity, state-sponsored operations. This has been accumulating. But using it as a toll mechanism on the most important energy chokepoint on the planet is different. That's taking something that was designed to be stateless and making it serve the most stateful purpose imaginable.

That additional dollar is insignificant on its own. Take it against the flow via Hormuz and you are discussing a mechanism that can draw in massive quantities of BTC demand. We are discussing potentially huge amounts of BTC demand that is not speculative, not retail, not institutional. I am not sure whether the market has ever priced in such a demand driver since it has never been there before.

Bitcoin is traceable. Chainalysis, Elliptic, all blockchain analytics companies in the world can track those wallets. Iranian officials may be mistaken when they say that it can not be traced or confiscated. Or they are making a more subtle argument that the majority of the population is missing: it is one thing to trace money and quite another to be able to do anything with it. You may see just where it leads. You simply cannot prevent it.

[CryptSafe]

Now this is complete news. I was reading through the thread below earlier, and the conversation under the thread is about how they plan to use USDT as a means of accepting payment for passage and the debate against freezing the account after it's in their hands.

Now that they have made it clear and they thoroughly understand the danger of using USDT that's totally in the control of the US government, which is their enemy.

Hormuz require to use a secret code / crypto payment and furute proposals

They shouldn't make mistake of using USDT and they probably won't. In fact, in my opinion using any cryptocurrency other than Bitcoin wouldn't make sense. If they absolutely have to make crypto mandatory, it should definitely be BTC.

I do not think the Iranian government would make the mistake of using or accepting USDT for Hormuz transactions because they know it could be frozen by the US government so opting for bitcoin is a smart move by them and I believe this would add more pressure of the crypto market more especially the bitcoin price value to appreciate in a good form.

[peter0425]

Iranian officials said Bitcoin payments would ensure the tolls “can’t be traced or confiscated due to sanctions.”

• Iran plans to require oil tankers passing through the Strait of Hormuz to pay transit fees in Bitcoin.
• Officials say using Bitcoin will help avoid sanctions by making payments harder to trace or seize.
• The proposal follows a ceasefire and could raise tensions with other oil exporters over control of the Strait.

Source: https://decrypt.co/363641/iran-bitcoin-payments-oil-ships-seeking-hormuz-passage

If something like this were to happen, how do you think crypto market would be affected?

It sounds like good news for bitcoin. Not only does being used in such a huge-scale global context but if oil prices finally gain back some stabilization then it’s definitely good for bitcoin because then the prices could also rise alongside other commodities. This could alter people’s perception of bitcoin altogether

[rat03gopoh]

Curious what methods they use to be "not be traced", mixer? I think this is the beginning of several cases of intimidation of a portion of the Bitcoin supply, which will come from Iranian government wallets if Western regulations deem it "terrorist financing."
Hopefully not, and uniquely

JUST IN: No oil or gas tankers have passed through the Strait of Hormuz since the ceasefire was announced, only 4 vessels carrying dry cargo.

Lol

[Darker45]

"Can't be traced" is questionable but can't be seized or "confiscated due to sanctions", yeah. Bitcoin is indeed Iran's best payment option. All fiat options are off the table. It, therefore, follows that all stablecoins are also off the table. None of them are insulated from politically motivated harassments, censorships, sanctions, and whatnot. Bitcoin's decentralized nature makes it free from all of it.

However, as to Iran making the decision as to the fate of the strait is questionable. Even the US wants to play a major role how it operates. It remains a strong point of contention.

[LogitechMouse]

Iranian officials said Bitcoin payments would ensure the tolls “can’t be traced or confiscated due to sanctions.”
---
If something like this were to happen, how do you think crypto market would be affected?

Well, this is where Bitcoin shines. The fact that the governments even the US can't control Bitcoin is a proof that Bitcoin is working... or at least it works.

Correct me on this one, but I think they're also accepting stablecoins, and Chinese Yuan as another mode of payment for the transit fees, and not only Bitcoin. TBH, this is a good way for them because that will help them avoid the sanctions that other countries gave to them. The bad thing though is that, this will affect the global prices of oil because yes, the war might end, but the price will not go back anymore to it's original price pre-war because of this "fees". Well this assumes that the Iran will permanently requires these ships to pay to them just to pass through.

Well, this might have a positive impact towards Bitcoin, but we know that the Iranian government are doing it so that they can recover from what other countries have done to them, so in the end, they'll just sell those Bitcoins. I wonder though if it will just be Bitcoin, and Bitcoin ONLY, or they'll try to accept Yuan as well.

[free-bit.co.in]

A very simple question: Does the Strait of Hormuz belong to Iran!? Is there anywhere I can find information on this? If this is simply an occupation of the Strait of Hormuz, then the outcome for Iran will undoubtedly be bad. If Iran engages in acts of terrorism in international waters (which is precisely the status of the Strait of Hormuz), it will face a host of problems.
Not just external ones, but economic ones as well; for example, the major oil producers in the Persian Gulf are already actively diversifying their oil supply routes, increasing oil shipments via pipelines.
 
The second problem is that the main recipients of oil through the Strait of Hormuz are the countries of Southeast Asia, and-drum roll-CHINA. It seems to me that China will quickly put Iran in its place with its unfounded attempts to gain an unfair advantage

In short, the harm to the U.S. and Israel is exactly zero, while the problems for Iran are many. Bottom line: the decision is utterly idiotic In terms of idiocy, it’s comparable to the “terrifying decision by the Russian Federation”-everyone will buy gas for rubles”-I think everyone remembers how that ended?
 

I think you should send this question to the White House and ask them to pass this message on to Trump . Because it was he and the US who caused this strait to be closed, and although they do not own it. However, they agreed to allow Iran to collect fees from any ships passing through the area for two week while negotiations were underway.

If the damage to the US and Israel is zero, why would they agree to a ceasefire just to keep the strait open when before the war, it was free to pass?

[JeffBrad12]

Don't really agree with the hard to trace part, there is a big chance that their BTC will be considered tainted.
I wonder what are the exchanges stance on Iran's bitcoin. Would they consider it as tainted and freeze it or they will let it tradable in their platform if somehow Iran used their service since Iran controlling the strait is part of the ceasefire agreement if I'm not mistaken.

Everything is still unclear.

[FinneysTrueVision]

It was inevitable that countries that are under sanctions would begin using cryptocurrency for trading with other countries. Some other alternatives to the US dollar could also work, like the Chinese yuan, but that is still centralized and censorable. The Chinese yuan is more widely accepted, so they will still be using that currency predominantly, but Bitcoin serves as a hedge against those risks that come with accepting fiat.

[viljy]

I think this is very positive news for bitcoin. Real calculations in bitcoins, and we are talking about large amounts (like a duty of $ 1 per barrel?). Moreover, the United States itself is destroying the dollar system. At first, the confiscation of Russian assets undermined confidence in the dollar. Therefore, Iran chooses payments in bitcoin, yuan, or real. Then Saudi Arabia introduces a premium like $20 to the price of paper oil, destroying the petrodollar system (a "sponge" that absorbs dollar inflation). Did the United States deliberately start the process of destroying the dollar? Maybe this is a strategy of "writing off" the national debt? Doubtful. That would be strange, to say the least.

[Wind_FURY]

Iranian officials said Bitcoin payments would ensure the tolls “can’t be traced or confiscated due to sanctions.”

• Iran plans to require oil tankers passing through the Strait of Hormuz to pay transit fees in Bitcoin.
• Officials say using Bitcoin will help avoid sanctions by making payments harder to trace or seize.
• The proposal follows a ceasefire and could raise tensions with other oil exporters over control of the Strait.

Source: https://decrypt.co/363641/iran-bitcoin-payments-oil-ships-seeking-hormuz-passage

If something like this were to happen, how do you think crypto market would be affected?

Good news for Bitcoin, but if Iran truly demands payments in Bitcoin for passage or Yuan for Crude Oil, which some countries in the Middle East have already started doing, then it could be bad for the rest of the world because the United States could he starting the war to protect the sanctity of the PetroDollar. They start war and chaos, then provide the security, but in exchange for security, the Crude Oil exporters in the Middle East should only use the U.S. Dollar.

 👀

[bakasabo]

Didn't Iran previous said these oils must be bought using chiness Yuan? Now they are shifting towards bitcoin for charging tolls? Or can both be used? I'm a little confused right now, since i haven't been following this subject lately, so i don't know much. Can anybody tell me what changed or going on?

You can read this topic about it: https://bitcointalk.org/index.php?topic=5579272.msg66577957#msg66577957

Iran wanted yuan and stable coins but now he wants bitcoin. I think Iran wants to add bitcoin to it is what I think.

Yuan will be better than stable coins for their goal, but if Iran thinks rightly, they should not accept fiat or fiat stable coins, the best is just bitcoin.

Why dont Iran want to use their own Rials? It will strengthen their national currency. Setting price in Bitcoin for passing Hormuz is a big step to bitcoin adoption, but what will countries do who does not consider crypto as payment? Seek alternative roots or quickly change local laws? I understand Iran will accept anything but US dollar, but wont Bitcoin scare or so to say limit those who will use Hormuz passage? Right now it is for everyone, but it will become only for those who are crypto friendly.

[rezakurnia66]

I got this rumor about bitcoin as payment transaction from oil ships seeking Strait of Hormuz is true or not because have many tweet on twitter talking about this possibility. Actually will bring positive impact if Iran requiring all transaction there must using bitcoin and moving from payment trough USDT, due local currency of Iran have significant down I think good ideas from their government but I don't sure will approve or acceptable by other countries want to make deal and transaction with Iran.

Last several time have rumor the payment transaction trough Yuan and I don't know which one accurate information about the payment will adopt by Iran.