Iran demands Hormuz Strait tolls in Bitcoin, Yuan: FT

Iran is demanding that ships passing through the Strait of Hormuz pay tolls in either Bitcoin or Chinese yuan, the Financial Times reported. In an interview with the outlet, Hamid Hosseini of the Iranian Oil, Gas and Petrochemical Products Exporters' Union stated that Iran plans to collect tolls from all oil tankers transiting the strait. He explained that during a two-week ceasefire with the U.S., Iran is responsible for monitoring vessels to prevent arms transport. According to Hosseini, each ship will be required to declare its cargo to Iranian authorities via email. Once the review is complete, the vessel will be given a window to make the payment in Bitcoin.