The fragile ceasefire process, which took shape after 39 days of tension between the USA and Iran, brought to the agenda a new practice regarding the Strait of Hormuz, at the center of global energy trade. It is stated that Iran can use cryptocurrency in the fees collected from ships passing through this critical transit line.
Crypto payment possibility comes to the fore in the Strait of Hormuz
It is reported that the Tehran administration, which maintains its control over the Strait of Hormuz, through which approximately 20 percent of the world’s oil flow occurs, plans to manage the passages together with Oman rather than abandoning them completely. In this context, it is stated that ships will continue to be charged for safe passage.
Hamid Hosseini, spokesman for the Iranian Oil, Gas and Petrochemical Products Exporters Association, stated that these fees can be requested from some ships with Bitcoin. It is evaluated that this approach can provide an alternative to the difficulties experienced in accessing traditional financial systems due to sanctions.
In his statement regarding the operation of the process, Hosseini stated that the payment request was submitted in a short time and that ships may be obliged to pay quickly with Bitcoin.
Ships are given only a few seconds when the payment request arrives, making traceability difficult.
If implemented, this approach would mean that Iran is shifting to a new strategy that goes beyond its previous announcement that it would only accept payments in Chinese yuan. It is noteworthy that digital assets are preferred especially in order to limit the impact of sanctions.
It is also stated that passages in the region are more strictly controlled for security reasons and only approved ships are allowed to pass. It is stated that the fees can reach millions of dollars per trip in some cases.
Simultaneous developments in the world of crypto and finance
With these developments, technology-based transformation discussions have gained momentum in the financial world. JPMorgan CEO Jamie Dimon emphasized in his annual shareholder letter that the banking industry is facing a new generation of competitors.
Dimon stated that artificial intelligence and blockchain technologies are transforming the financial infrastructure, and fintech companies are developing faster and lower-cost systems. It seems that traditional banks are increasing their investments to adapt to this transformation.
JPMorgan continues to develop its own blockchain infrastructure to remain competitive in areas such as payment systems and asset tokenization. In this context, solutions such as the Kinexys platform stand out.
On the other hand, the US administration adopts a cautious approach in regulations regarding the stablecoin market. Economists have calculated that banning yield stablecoins could have only a limited impact of 0.02 percent on bank lending.
Analysis suggests that the impact of such a restriction on the financial system may remain low, but may limit users’ access to higher return opportunities. This situation brings the impact of regulatory decisions on market balances to the agenda again.
