According to a report from the Financial Times, Iran is exploring a significant policy shift by considering the acceptance of Bitcoin (BTC) and other cryptocurrencies as payment for transit through the strategically vital Strait of Hormuz. The announcement was made by Hamid Hosseini, the spokesperson for the Iranian Oil, Gas and Petrochemical Products Association.
Hosseini detailed that the proposed tariff for this transit would be set at $1 per barrel. Crucially, he stated that payments could be made using all cryptocurrencies, with Bitcoin specifically mentioned as an option. This move represents a notable step in the potential adoption of digital assets for international trade and commodity transactions.
Following the release of this news, the cryptocurrency market reacted positively. The price of Bitcoin experienced a slight increase, trading around the $72,600 level at the time of the report. The development is seen as a potential catalyst for broader cryptocurrency adoption in geopolitically sensitive regions and for global energy trade.