BREAKING: Iran built a Crypto powered shipping Insurance toll to bypass SWIFT and Western sanctions.
Reports suggest Iran has already experimented with crypto payments tied to oil shipping, with some vessels transiting Hormuz allegedly asked to pay fees in Bitcoin, Tether, or Chinese yuan for “safe passage.”
In past cases, Iran already collected fees as high as $2 million per tanker via crypto, processed through blockchain transfers instead of traditional banks for faster confirmation and to evade sanctions.
Under the reported system, ship operators could purchase insurance coverage using Bitcoin and other cryptocurrencies instead of traditional banking rails tied to SWIFT.
Countries facing sanctions, including Russia, have increasingly explored crypto settlement systems for oil trade and cross-border payments with partners like China and India.
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