The Iranian regime's decision to accept cryptocurrency payments from cargo ships passing through the Strait of Hormuz is consistent with its existing trade networks designed to circumvent sanctions. According to a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, bitcoin is being accepted as a payment method, with a fee of $1 per barrel of oil. This move is seen as a bold step in the formalization of a system of shipping toll payments made using bitcoin and USD-pegged stablecoins. Experts believe that the Iranian regime, particularly the Islamic Revolutionary Guard Corps (IRGC), has been using cryptocurrency to facilitate cross-border commercial trade, including oil sales, for several years.
Data from blockchain analytics specialist Chainalysis supports this claim, showing a growing and complex network using crypto wallets. The use of cryptocurrency for toll payments is viewed as a strategic move, allowing the regime to avoid traditional banking systems and sanctions.
The IRGC's adoption of cryptocurrency, specifically stablecoins, is seen as a more sophisticated approach than that of North Korea, which focuses on stealing and laundering crypto. The Iranian regime's inability to access US dollar-pegged assets due to comprehensive sanctions has made it challenging for them to trade internationally, but the use of stablecoins has created a mechanism for global trade. Experts agree that USD-backed stablecoins have become an essential payment mechanism for the Iranian regime, enabling it to evade sanctions and western banking controls.