Iran is Working on a New Plan Regarding the Strait of Hormuz: Cryptocurrency and China Involved!

According to Bloomberg, Iran is planning a $1 per barrel transit fee for the Strait of Hormuz, payable in yuan or cryptocurrency.

With the US-Iran conflict raging for over a month, a deal still seems unlikely.

With neither country backing down, Iran’s restrictions on passage through the Strait of Hormuz, which is of great importance to the world, affected all markets. As oil prices surpassed $100, Iran is working on a new solution and a plan for secure passage.

Accordingly, ships wishing to pass through this strategically important waterway must be from friendly countries, and some are required to pay a fee in Chinese yuan or cryptocurrency before being allowed to pass through the strait.

According to Bloomberg, Iran is planning a $1 per barrel transit fee for the Strait of Hormuz, payable in yuan or cryptocurrency. This decision is seen as part of Iran’s broader strategy to reduce its dependence on the US dollar and strengthen its economic ties with China.

Iran is working on a plan to charge oil tankers passing through the Strait of Hormuz a transit fee of $1 per barrel. However, payments would be made in Chinese yuan or stablecoins.

According to the plan reported by Bloomberg, ship operators wishing to pass through the strait need to contact an intermediary agency linked to the Iranian Islamic Revolutionary Guard Corps (SEPAH).

They need to provide details such as the ship’s ownership structure, shipping and cargo manifests, destination, crew list, and Automatic Identification System (AIS) data.

The agency then needs to contact an Iranian command center to verify that the ship has no ties to Israel, the US, or any other state that Iran considers an enemy. Once the ship receives approval from Iran, payment is made. After payment, SEPAH provides the ship with confidential code and route planning instructions.

Finally, it was reported that Iran has divided countries into five different categories.

*This is not investment advice.

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