Iran’s Bitcoin-fuelled Strait of Hormuz plan
Iran just unveiled a new authority to control passage through the Strait of Hormuz, where about a fifth of global oil flows. Ships must coordinate with Iran to cross; otherwise, it’s considered illegal. They’ll even charge insurance fees in Bitcoin through a platform called Hormuz Safe-potentially generating over $10 billion. Crypto plays a big role in Iran’s sanctions-hit economy, with the IRGC deep in the market. The US and Gulf states strongly oppose any tolls. Traffic is already near a standstill after attacks. Iran says reopening the strait could be part of a peace deal, but talks are deadlocked.
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