The Iranian government's move to accept cryptocurrency payments from cargo ships traversing the Strait of Hormuz is consistent with its existing efforts to circumvent sanctions through trade networks. A spokesperson from Iran's Oil, Gas and Petrochemical Products Exporters' Union confirmed that bitcoin is being accepted as a payment method, with previous reports suggesting stablecoins were also being used, allowing select oil tankers to pass unharmed for a fee of $1 per barrel of oil. This development aligns with the Iranian regime's, particularly the Islamic Revolutionary Guard Corps (IRGC), growing use of cryptocurrency to facilitate cross-border trade, including oil sales, as per data from blockchain analytics firm Chainalysis.
Experts like Andrew Fierman, head of national security intelligence at Chainalysis, find this move unsurprising given the regime's history of leveraging cryptocurrency for such activities. The use of cryptocurrency wallets by sanctioned entities linked to the IRGC and the Iran-backed Houthi regime in Yemen for oil sales and weapons purchases underscores the complexity of this network. The IRGC's adoption of cryptocurrency, especially stablecoins, for cross-border trade contrasts with North Korea's focus on stealing and laundering cryptocurrency.
The ability to use US dollar-pegged assets like stablecoins enables Iran to bypass traditional banking systems and trade globally despite comprehensive sanctions. Experts such as Tom Keatinge and Lee Reiners agree that stablecoins have become a crucial payment mechanism for the Iranian regime, allowing it to evade sanctions and western banking controls, with suggestions that novel approaches like demanding payment in specific stablecoins could further the regime's goals.