Iran Considers Bitcoin Toll for Tankers in Strait of Hormuz

Iran is weighing whether to accept Bitcoin for tolls charged to oil tankers passing through the Strait of Hormuz, according to multiple reports this week. The plan would apply to vessels transiting a narrow chokepoint through which about one-fifth of global oil supplies move.

Officials and industry observers offer differing accounts of which currencies would be acceptable. Some reports mention Bitcoin, others list dollar-pegged stablecoins or Chinese yuan. The discussions are described as a way to avoid U.S. sanctions that limit Iran’s access to traditional dollar clearing.

Alex Thorn, head of firmwide research at Galaxy, estimated tolls would range from roughly $200,000 to $2 million per vessel. Initial reporting cited a union spokesperson who stated ships would have only “a few seconds” to complete payment, which would require instant settlement technology.

The Lightning Network, a second-layer solution for Bitcoin, is designed to settle transactions in seconds rather than waiting for on-chain block confirmations. Lightning’s capacity for very large transfers is limited; the largest publicly recorded Lightning transfer to date is about $1 million, Thorn noted.

Thorn suggested authorities might provide a QR code or an alphanumeric Bitcoin address to ships after approval to pass, allowing a vessel to send funds directly to a listed wallet instead of routing the full amount over Lightning.

Practical questions remain. Observers say it is unclear how addresses or QR codes would be distributed at scale, how payments would be verified, how authorities would convert received crypto into usable funds, and how use of a payment system to bypass sanctions would affect diplomatic and financial relations. Iranian officials have not published a detailed operational plan.

Justin Bechler, a Bitcoin advocate, emphasized differences between Bitcoin and U.S.-dollar stablecoins on censorship and freezing. He argued, “USDT and USDC include built-in blacklist functions at the smart contract level. When an address is flagged, the issuer can freeze the tokens, rendering them completely illiquid. The law’s enforcement depends entirely on the compliance of issuers. Bitcoin has no issuer, no compliance officer to pressure, and no freeze function. Iran’s pivot toward Bitcoin follows directly from this structural reality.”

Industry participants and observers continue to discuss the technical, liquidity and legal challenges of high-value cryptocurrency settlement for tanker tolls as reports remain inconsistent about the exact currencies and mechanisms under consideration.