One fifth of the world's oil passes through the Strait of Hormuz every day. Iran wants to charge for it. And it wants to collect in Bitcoin.
European nations now privately accept that transit fees are inevitable. The UK, France, and others are pushing for non discrimination rules rather than fighting the fee itself. The US and Gulf Arab states are still holding the line. Europe just folded.
The Bitcoin angle is the sharpest part. Tehran has been exploring crypto as a payment mechanism for these tolls since earlier this year. The reason is straightforward.. the US cannot freeze a Bitcoin payment the way it can freeze a dollar transfer. The fees are labelled "voluntary" to sidestep international maritime law, but the underlying rails are being built to be sanctions proof.
A sovereign nation is testing Bitcoin as a neutral settlement layer at the world's most critical energy chokepoint. Not in a conference panel. Not in a whitepaper. Under fire, after a war, with every major power watching.
What happens when the world's oil toll booth runs on a network no government controls?
European nations now privately accept that transit fees are inevitable. The UK, France, and others are pushing for non discrimination rules rather than fighting the fee itself. The US and Gulf Arab states are still holding the line. Europe just folded.
The Bitcoin angle is the sharpest part. Tehran has been exploring crypto as a payment mechanism for these tolls since earlier this year. The reason is straightforward.. the US cannot freeze a Bitcoin payment the way it can freeze a dollar transfer. The fees are labelled "voluntary" to sidestep international maritime law, but the underlying rails are being built to be sanctions proof.
A sovereign nation is testing Bitcoin as a neutral settlement layer at the world's most critical energy chokepoint. Not in a conference panel. Not in a whitepaper. Under fire, after a war, with every major power watching.
What happens when the world's oil toll booth runs on a network no government controls?
2❤️2
