Iran to collect tax in cryptocurrency on Strait of Hormuz

TEHRAN: Iran has presented an unusual plan to further strengthen its grip on the Strait of Hormuz, under which toll tax from oil tankers will be collected in cryptocurrency.

According to British media reports, Iran now intends to collect a tax of one dollar per barrel from every oil tanker passing through the Strait of Hormuz, however, the condition is that this tax be paid in digital currency, such as Bitcoin, instead of traditional currency.

This decision comes at a time when a delicate ceasefire between Iran and the United States is in place.

According to Hamid Hosseini, spokesman for the Iranian Oil, Gas and Petrochemical Exporters Union, Tehran will strictly monitor all ships passing through this important maritime passageway, and before allowing each ship to pass, its cargo will be thoroughly inspected to ensure that this route is not used to transport weapons during the ceasefire.

Under the proposed system, ships will have to provide their cargo details to Iranian authorities via email, after which the tax will be determined and the relevant companies will be instructed to pay within a short time, a process that could delay the departure of ships.

Currently, about 400 ships are waiting for their turn in Gulf waters, which experts have likened to a large parking lot.

On the other hand, global shipping company Maersk has expressed concern over the situation, saying that it is assessing the situation and is not ready to resume normal activities at the moment.

Economic analysts say that Iran’s move could have a profound impact on the global oil market, maritime trade and the use of digital currencies.

If this plan is implemented, not only could oil prices increase but also the global supply chain could be affected.