Iran is demanding tankers in the Strait of Hormuz pay tolls in crypto: What we know so far

After the U.S. and Iran agreed to a temporary ceasefire on Tuesday, the Islamic Republic pledged to open up the Strait of Hormuz, the narrow body of water that’s a key bottleneck in the world’s trade of oil. But there’s a catch: Iran signaled it plans to impose toll ships passing through the chokepoint—and have them pay up in crypto.

The prospect of tolls has inflamed President Donald Trump, but it’s still unclear whether the Iranian government is charging fees in mass. Meanwhile, ship traffic through the Strait is still at a fraction of its volume since the beginning of the war in late February.

Here’s what we know about the tolls, what we don’t know, and why Iran has likely chosen cryptocurrency as its preferred payment method:

What has Iran said about crypto tolls?

Representatives for the Islamic Republic have stated publicly that they plan to have ships in the Strait of Hormuz pay tolls in digital assets. In early April, the parliament released a plan that said as much, according to Iranian state media. 

Separately, Hamid Hosseini, spokesperson for........

© Fortune