Iran Demands Bitcoin Fees for Ships Passing Through the Strait oBitcoinCRYPTO:BTCUSDWillie_ColetteAccording to a report on Wednesday, Iranian leaders announced a new system centered on controlling the Strait of Hormuz, under which the Iranian government will charge a $1 fee for each barrel of oil passing through the strait, payable only in Bitcoin. This will allow oil tankers to resume normal passage through this vital waterway. All ships attempting to pass through the Strait of Hormuz must report their cargo contents to Iranian authorities via email and then await approval. Once permission is granted, ship operators will have “a few seconds” to send the Bitcoin payment to an Iranian-controlled wallet. This system will ensure that these fees “will not be traced or confiscated due to sanctions.” Iran stated that the system aims to ensure that no weapons are transported through the Strait of Hormuz during the two weeks following the recent ceasefire agreement between the US and Iran. The specific conditions and logistical support for weapons depots in the Strait of Hormuz are determined by Iran's Supreme National Security Council.