The Iranian government's decision to accept cryptocurrency payments from ships passing through the Strait of Hormuz is a strategic move that aligns with its existing trade networks. Experts in blockchain crime say this development is consistent with Tehran's efforts to circumvent sanctions. Recent comments from a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union confirmed that bitcoin is being accepted as a payment method, with a fee of $1 per barrel of oil. This move is seen as a formalization of a system that has been in place for some time, with the Iranian regime using cryptocurrency to facilitate cross-border trade, particularly with oil sales.
According to Andrew Fierman, head of national security intelligence at Chainalysis, the use of cryptocurrency for toll payments is not surprising, given the regime's history of using crypto for commercial trade. A snapshot of sanctioned activity over the past year and a half reveals a complex network of crypto wallets used by the Iranian regime and its affiliates. The IRGC-affiliated networks have been using crypto at a commercial scale to facilitate cross-border trade, making it easier to accept payments and utilize liquidity without relying on traditional banking systems or cryptocurrency exchanges. The adoption of stablecoins as a payment mechanism for cross-border trade is seen as a key factor in the regime's ability to trade globally, despite comprehensive sanctions.
Experts agree that the use of USD-backed stablecoins has become an increasingly important payment mechanism for the Iranian regime, allowing it to avoid sanctions and western banking controls.