Iran confirms that the Strait of Hormuz will offer preferential treatment to friendly countries such as China, and will charge Bitcoin and USDT as toll fees.

Iran's Ambassador to Beijing, Fazeli, confirmed on July 4 that the Strait of Hormuz transit fees will offer special treatment to friendly countries like China, requiring vessels to settle payments in Bitcoin or USDT, marking a concrete case of a sovereign nation circumventing U.S. dollar sanctions.

(Previous context: Iranian state media claims Strait of Hormuz will charge fees after 60-day free period, Fanstein acknowledges negotiations pending)

(Background supplement: Hyperliquid's largest oil long position on-chain "approaching liquidation edge," WTI oil price drops to $69.70 after ceasefire)

Iran is indeed going to charge Bitcoin transit fees for vessels passing through the Strait of Hormuz, and China will get a "friendship price." Iranian Ambassador to Beijing, Fazeli, confirmed at the 14th World Peace Forum in Beijing on July 4 that Tehran will differentiate the level and nature of transit fees based on the degree of friendship: "We (Iran) will certainly give special consideration to China because China is a friendly country."

Beijing meeting sets tone, 8 ships make U-turn

Just the day before (July 3), Iranian Parliament Speaker Qalibaf, during a meeting in Beijing with He Wei, Vice Chairman of the National People's Congress representing China, directly stated that "Iran has resolved the transit issue for Chinese vessels in the Strait of Hormuz" and emphasized that "China has stood with us during our difficult times." He also reiterated that Iran will never allow U.S. involvement in Strait affairs.

At almost the same time, Bloomberg reported that between July 3 and 4, at least eight ships attempting to leave the Persian Gulf along the Omani coast made emergency U-turns and returned, indicating that the complexity of reopening the Strait far exceeds expectations.

According to the Memorandum of Understanding previously signed between the U.S. and Iran, there is a 60-day period for final agreement negotiations, during which vessels can pass through the Strait of Hormuz safely and free of charge. Iran must also engage in dialogue with Oman regarding the subsequent management of the Strait.

How did the Bitcoin transit fee come about? Implemented during the April ceasefire

In fact, this fee mechanism was already implemented as early as April this year. During the two-week ceasefire between the U.S. and Iran, Iran introduced a cryptocurrency transit fee system. Officially, it was to monitor traffic through the Strait and prevent the ceasefire window from being used for weapons transport. The fee standard was approximately $1 per barrel of crude oil, with a fully loaded oil tanker's transit fee around $2 million.

The operation is straightforward: vessels first submit cargo information via email, Iran calculates the fee based on that, and the crew must settle in Bitcoin within seconds. If a vessel tries to force its way through without authorization, it will receive a "destroy" warning. According to Forbes, Iran's official reason for choosing Bitcoin is straightforward: the money cannot be frozen, traced, or confiscated due to sanctions.

However, the U.S. side has also made it clear that any organization paying Iran will face penalties, leaving this system still unclear for most neutral countries.