Iran demands Bitcoin payments for ships passing through the Strait of Hormuz, Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union told the Financial Times.

The toll, about $1 per barrel, must be paid in crypto after tankers submit details of their cargo. Empty vessels are exempt, but all ships will be monitored to prevent weapons smuggling during the two-week ceasefire.

Iran plans to guide ships along the northern route near its coast, and vessels that ignore the rules face warnings of military strikes.

The process is slow, allowing only a few ships per day to transit safely, creating a backlog in the Gulf. Shipping companies like Maersk are taking a cautious approach while terms are clarified.

This is a developing story. Please check back for further updates.