The Iranian government's acceptance of cryptocurrency payments from ships traversing the Strait of Hormuz is a calculated move that aligns with its existing sanctions-dodging trade networks, according to experts in blockchain criminality. A spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union confirmed the use of bitcoin as a payment method, while a previous report mentioned the acceptance of stablecoins for a select few oil tankers to pass unharmed, with a fee of $1 per barrel of oil. 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 data from blockchain analytics firm Chainalysis. This trend is not surprising, given the growing and complex network using crypto wallets, with sanctioned activity involving IRGC-affiliated financiers and Houthi regime-linked cryptocurrency addresses.
The IRGC's adoption of cryptocurrency, especially stablecoins, for cross-border trade is a strategic move, allowing them to bypass traditional banking systems and access US dollar-pegged assets, thereby facilitating global trade. Experts believe that the Iranian regime's use of stablecoins, such as USD-pegged assets, has become a crucial payment mechanism, enabling them to evade sanctions and western banking controls.