Zeros

Iran Installs a Tollbooth at the Throat of the World's Oil Trade — and It Only Takes Bitcoin There is something almost elegant about it. After weeks of war , missile fire, and tankers sitting at anchor in the Persian Gulf with nowhere to go, Iran's solution to reopening the Strait of Hormuz was not a diplomatic handshake or a carefully worded joint communiqué. It was a payment portal. Iran has announced that ships wishing to pass through the strait during the ceasefire period will be required to pay the digital currency equivalent of $1 per barrel of oil aboard — and they will have only seconds to complete the transaction.  As Hamid Hosseini of Iran's Oil, Gas and Petrochemical Products Exporters' Union explained to the Financial Times , once Iranian authorities complete their assessment of a vessel's cargo, ships are given a brief window to pay in Bitcoin — specifically chosen because it cannot be easily traced or confiscated under sanctions. ...