The acceptance of cryptocurrency payments from cargo ships passing through the Strait of Hormuz is a logical progression for Iran, according to experts in blockchain criminality, as it aligns with Tehran's existing trade networks that circumvent sanctions. Recent comments from a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union have 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 leveraging cryptocurrency to facilitate international trade, including oil sales, as reported by blockchain analytics firm Chainalysis. The use of cryptocurrency wallets has enabled the creation of a complex network, with transactions worth millions of dollars, including a U.S.-sanctioned IRGC-affiliated financier who facilitated Iranian oil sales to Yemen.
The IRGC's adoption of cryptocurrency, especially stablecoins, has provided an alternative mechanism for global trade, allowing the regime to bypass traditional banking systems and sanctions. Experts, such as Andrew Fierman from Chainalysis and Tom Keatinge from the Centre for Finance and Security, agree that the use of USD-backed stablecoins has become a crucial payment mechanism for the Iranian regime, enabling it to trade internationally while avoiding sanctions and Western banking controls.