Iran on ships passing through Hormuz: We need to monitor what goes in and out of the strait to ensure …

Iran has reportedly set a Bitcoin condition for ships to pass through the Strait of Hormuz. According to a report by The Financial Times (FT), the country is seeking to retain control over movement through the key waterway during a two-week ceasefire by requiring oil tankers to pay tolls in cryptocurrency and undergo scrutiny before transit.Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said Tehran plans to assess each vessel and collect fees. In a statement to FT, he said, “Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons. Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush.”Under the proposed process, tankers would be required to email details of their cargo before receiving instructions on toll payments, which Hosseini said would be set at $1 per barrel and paid in cryptocurrency. “Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” he added. Empty tankers would be allowed to pass without charges.Iran’s approach also includes routing ships closer to its coastline, raising concerns among Western and Gulf-linked shipping operators. Tankers in the region have reportedly received warnings via radio broadcasts stating: “If any vessels try to transit without permission, [they] will be destroyed,” the report adds.The situation has complicated ongoing ceasefire negotiations. US President Donald Trump said the truce depends on “the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz”. Meanwhile, Iran’s Supreme National Security Council has outlined a “protocol for secure passage” as part of discussions.Shipping companies are currently taking a cautious stance. Maersk told FT that it is “working with urgency” to understand the conditions, noting that the ceasefire “may create transit opportunities, but it does not yet provide full maritime certainty.”The developments have raised concerns among Gulf nations, including Saudi Arabia, Qatar and the UAE. Ali Shihabi, a commentator close to the Saudi royal court, said: “Allowing Iran any form of control over the strait would be a red line. The priority has to be unimpeded access through the strait.”Industry data suggests around 175 million barrels of crude and refined products are currently on tankers in the Gulf, while hundreds of ships remain queued for transit. The report also cited analysts who said movement could remain limited, with only a small number of vessels likely to pass daily under current conditions.