Iran establishes strict control over the Strait of Hormuz and plans to levy a toll in cryptocurrency

Iran plans to charge fees for vessel passage through the Strait of Hormuz in cryptocurrency.

As reported by The Financial Times, citing a representative of Iran's Union of Oil, Gas, and Petrochemical Products Exporters, Hamid Hosseini, Tehran intends to levy duties on every passing tanker and conduct an assessment of each vessel.

"Iran needs to control what enters and exits the strait so that these two weeks are not used to transport weapons," Hosseini noted.

According to him, each tanker must send an email to the authorities with cargo information, after which Iran will communicate the amount of the fee, which must be paid in digital currencies.

The publication also notes that on Wednesday, tankers received a radio message warning that they would become targets of military strikes if they did not obtain prior authorization from Iranian authorities.