Iran Demands Bitcoin For Ships Passing Hormuz During Ceasefire - Slashdot
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An anonymous reader quotes a report from the Financial Times: Iran will demand that shipping companies pay tolls in cryptocurrency for laden oil tankers passing through the Strait of Hormuz (source paywalled; alternative source), as it seeks to retain control over passage through the key waterway du...

He said that the tariff is $1 per barrel of oil, adding that empty tankers can pass freely. “Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” Hosseini added.

    • AxExRx@lemmy.worldEnglish
      101·
      2 days ago

      theres only like 6.5B usd worth of monero (compared to ~1Trilion BTC)

      At 20Milion barrels of oil (/ dolars if its $1 a barrel) a day, theyd own all the monero within a year, meaning theyd have told pretty actively be selling it back onto the market for another currency to keep a supply for shippers to use. Compared to BTC where they’d need 136 years of hoarding to accumulate it all

      • redsand@infosec.pubEnglish
        9·
        2 days ago

        The huge demand spike would increase the value of any coins quite a bit so your napkin math doesn’t quite hold. It would basically make monero a new petro backed currency.