Iran’s Oil, Gas and Petrochemical Products Exporters’ Union announced a new fee for vessels transiting the Strait of Hormuz: $1 per barrel of oil, payable in cryptocurrency. The move aims to shield payments from sanctions enforcement, leveraging the anonymity of digital assets to keep revenue flowing.

Chainalysis estimates the nation’s crypto market reached $7.8 billion last year, a surge fueled by sanctions, rial devaluation and a hostile security environment. Officials have tapped these funds for weapon purchases, commodity trades and to build a reserve that can’t be frozen abroad. Everyday Iranians also rely on crypto to hedge against soaring inflation.

The Islamic Revolutionary Guard Corps stands out as a heavy user, reportedly diverting scarce electricity to mine bitcoin in cities like Isfahan. This mining strain highlights how state actors prioritize digital finance despite broader economic costs. Comparisons surface with Venezuela, where the stablecoin tether serves a similar dual purpose for the regime and citizens.

By institutionalising crypto tolls, Iran cements digital currency as a core pillar of its sanction‑evasion toolkit, reinforcing a market that now intertwines state revenue with the everyday financial survival of its people.