The Iranian government is considering accepting Bitcoin (BTC) for tolls paid by oil tankers navigating the Strait of Hormuz, a vital shipping route for approximately 20% of the world's oil supply. This potential shift, reported by the Financial Times, aims to circumvent U.S. sanctions and enhance the credibility of Bitcoin as a neutral transaction medium.
In response to the report, various opinions have emerged, with some suggesting that tolls might also be paid in stablecoins or Chinese yuan. Alex Thorn from crypto investment firm Galaxy highlighted the limitations of stablecoins, noting that they can be frozen by issuers, which could deter their use for such payments.
According to estimates, tolls for each tanker could range from $200,000 to $2 million. If implemented, the Iranian government may utilize QR codes for BTC transactions, likely leveraging the Lightning Network to facilitate rapid payments, given that ships would have only a few seconds to complete the transaction. However, the current record for the largest Lightning transaction stands at $1 million.