Yesterday, the identity of Satoshi Nakamoto, the creator of Bitcoin, was revealed as a British cryptographer. The original purpose of Bitcoin was developed for the purpose of complete freedom from the fiat banking system. Today, the Financial Times reported that the Iranian government will demand that tolls to pass through the Strait of Hormuz be paid in cryptocurrency.
Iran has been under international sanctions since November 1979 after Shah Reza Pahlavi was overthrown in the Islamic Revolution. The international banking system cannot be used, so this payment using crypto truly provides the freedom promised by Satoshi.
Iran will accept all forms of cryptocurrency. The charge is $1 for each barrel of oil carried by oil tankers. Only ships carrying cargo are charged. Payment instructions will be given to the crew via email and must be paid a few seconds after receipt to avoid transactions being detected and blocked.
Previously, reports emerged that Iran only accepts toll payments in Chinese Yuan. Iran has only collected toll payments since the war began to raise funds to rebuild infrastructure damaged by US and Israeli bombing.
Under a two-week ceasefire agreement reached between Iran and the United States yesterday, Iran is allowed to collect tolls in the Strait of Hormuz. Since the war began more than 40 days ago, the Strait of Hormuz has been closed with only a small number of ships allowed to pass through.
Seven Malaysian ships were allowed to pass through the strait without any fees because Iran said Malaysia was a good ally. As of yesterday, only one PETRONAS ship had passed through the Strait of Hormuz.
