The Iranian government's decision to accept cryptocurrency payments from cargo ships traversing the Strait of Hormuz is consistent with its existing sanctions-circumvention strategies, according to experts in blockchain criminality. A spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union recently confirmed that bitcoin is being accepted as a payment method, with a fee of $1 per barrel of oil. This development is part of a broader trend, as the Iranian regime, particularly the Islamic Revolutionary Guard Corps (IRGC), has been increasingly utilizing cryptocurrency to facilitate cross-border trade, including oil sales, as per Chainalysis data.
The use of cryptocurrency for toll payments appears to be a calculated move, given the complexities of international trade under sanctions. Andrew Fierman, head of national security intelligence at Chainalysis, noted that it is unsurprising to see such trade happening via cryptocurrency.
The IRGC-affiliated networks have been using crypto wallets at a commercial scale for cross-border activity, making it easier to accept payments without relying on traditional banking systems. The adoption of cryptocurrency, especially stablecoins, as a payment mechanism for international trade is a key strategy for the Iranian regime, allowing it to bypass sanctions and access US dollar-pegged assets. Experts like Tom Keatinge and Lee Reiners agree that USD-backed stablecoins have become crucial for the Iranian regime, enabling it to trade globally while avoiding Western regulatory intervention.