Iran seeks to use cryptocurrencies to settle oil tanker transit fees through the Strait of Hormuz, in a step that reflects its growing reliance on crypto to ease sanctions pressure. Analysts say the mechanism could facilitate faster cross-border trade settlements, but it also introduces complex operational challenges for shipping firms.
Detail
Estimates indicate that acquiring and transferring large amounts of cryptocurrency within tight timeframes is not easy, creating operational friction even under ideal conditions.
In this context, Bitcoin rose to around $72,700 after Trump announced a conditional ceasefire with Iran, before stabilizing near $72,100.
The move also reflects increasing state control over crypto activity in Iran, with analysis suggesting that the IRGC and its networks account for more than half of the activity.
Crypto use is not limited to Bitcoin. Iran’s central bank holds at least $507 million in Tether, in an apparent effort to support the local currency and facilitate international trade.
In the months leading up to the war, Iranians shifted their digital assets from local exchanges to private wallets over fears of internet shutdowns or asset seizures. Following February’s airstrikes, exchange outflows reached about 10.3 million.
Nobitex, the country’s largest exchange, also saw a 700% surge in withdrawals within minutes of the U.S.-Israeli attacks, signaling a rush by users to move funds abroad.
Still, analysts caution that such movements are not unusual during geopolitical tensions, as it remains difficult to distinguish between panic selling, state-linked transfers, and routine market rebalancing.
Meanwhile, the United States continues targeting Iran’s digital infrastructure, sanctioning two platforms linked to nearly $1 billion in transactions tied to the IRGC.
What’s Next?
The question is raised whether Iran can enforce this model in practice, and how shipping companies and markets respond to crypto use in a pivotal strait for oil.
