Iran has effectively transformed the Strait of Hormuz into a waterway toll plaza run by the Islamic Revolutionary Guard Corps (IRGC), reported Yahoo Finance earlier today.
Ships seeking passage now must submit detailed vessel data, including ownership, flag, cargo, crew, destination, and real-time tracking, and pay in crypto or Chinese Yuan to cross the critical trade route. This offer is for “friendly” nations only, while US and Israel-bound ships are simply not allowed. Iran has banned the US Dollar for payments too.
Yuan and Crypto Replace US Dollar
To bypass traditional financial channels and US sanctions, Iran now requires payments in Chinese yuan or cryptocurrencies pegged to major currencies. Toll rates start at around $1 per barrel for oil tankers, but total fees can soar into the millions depending on cargo and risk. At least two vessels have already completed yuan-denominated transits, including one arranged from China.
What Ships Get in Return
Approved vessels receive clearance codes and are guided along IRGC-monitored corridors, sometimes with armed escorts. The system has already caused shipping activity through Hormuz to plummet by over 90 percent.
The toll system is being formalized under Iran’s “Strait of Hormuz Management Plan”. The plan codifies security, environmental rules, coordination with Oman, and a formal toll structure while restricting access for US, Israeli, and allied ships.
Crypto to Deflect Sanctions
Iran’s embrace of digital currency builds on years of sanctions-driven innovation.
Since legalizing Bitcoin mining in 2019, the country has leveraged cheap electricity to generate digital assets. The Hormuz toll system extends this strategy. Iran is now easily exporting energy and earning big revenue outside traditional banking systems.
