BTC risks are escalating


On April 19, Iran designated Bitcoin for paying the oil transit fees through the Strait of Hormuz, but sources say that most of the actual funds are still settled using stablecoins.
Earlier reports, on April 8, according to the Financial Times, that during a two-week ceasefire Iran would require shipping companies to pay transit fees for oil tankers carrying oil through the Strait of Hormuz, denominated in cryptocurrency (Bitcoin), in order to maintain control over the waterway. Iran Oil, Gas, and Petrochemical Products Exporters Union spokesperson Hamid Hosseini said that each oil tanker must report its cargo information to Iranian authorities via email, after which Iran will inform the amount of the transit fee to be paid, and that it must be paid in cryptocurrency. “Once the email arrives and Iran completes its assessment, the vessel will have a few seconds to pay in Bitcoin, ensuring it cannot be tracked or confiscated due to sanctions.”
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DaoshengFisherman
· 3h ago
Go all-in 🤑
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