Iran Collected Strait of Hormuz Toll in Foreign Currency, Not Bitcoin

Iran’s central bank announced that the first transit fee collected from ships passing through the Strait of Hormuz was paid in “cash foreign currency,” contradicting earlier reports that the toll would be collected in cryptocurrency. The payment was deposited directly into bank accounts in foreign currency, according to the Iranian Central Bank statement.

Haji Babae, deputy speaker of the Iranian Islamic Parliament, confirmed in a separate statement that the first payment had been received and transferred to Central Bank accounts.

US-Iran Tensions Over the Strait

The announcement comes amid ongoing disputes between Iran and the United States over the Strait of Hormuz. On the same day, US President Donald Trump announced that he has tripled the size of the task force used to clear mines in the Strait of Hormuz. Despite US actions, four Iranian cargo ships successfully crossed the Strait of Hormuz, according to reports.

BTC-2.36%
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 11
  • 10
  • Share
Comment
Add a comment
Add a comment
MetalFrameBookPageCross
· 04-25 15:14
This clearly shows the issue: people talk about crypto, but when it comes to settlement, they still prefer hard currencies like USD or EUR in their bank accounts.
View OriginalReply0
ColdBrewSparklingWater
· 04-24 20:49
So the previous claim of "collecting tolls through encryption" was a mistake again?
View OriginalReply0
SlippageSigh
· 04-24 10:47
Foreign exchange cash + direct deposit, both easy to supervise and track, not considered decentralized.
View OriginalReply0
LatencyLullaby
· 04-24 10:35
The key is to deposit into a bank's foreign currency account, which essentially rules out the "going through intermediaries" approach, and is more about traditional finance maintaining control.
View OriginalReply0
QuietAlphaClerk
· 04-24 10:31
Crypto hasn't gone mainstream yet, but forex has.
View OriginalReply0
MintConditionMax
· 04-24 10:26
If you really use coins for transactions, KYC, currency exchange, and volatility risks pile up, and the central bank probably doesn't want to bother.
View OriginalReply0
PuddingMarketMaker
· 04-24 10:19
"The first transaction" in foreign currency does not mean that encryption won't be used later, but at least for now, they care more about settlement capability and international clearing usability.
View OriginalReply0
SushiLatency
· 04-24 10:16
If you ask me, national-level fees like tolls should be paid in fiat currency to align with their risk control and fiscal standards.
View OriginalReply0
NonceNinja
· 04-24 10:16
Once again: clickbait headlines write "possibly" as "already".
View OriginalReply0
BoringButBullish
· 04-24 10:16
It seems that encryption is more of a propaganda tool than a settlement tool.
View OriginalReply0
View More