"Hormuz Toll is 'Cash'... Not Bitcoin"

Strait of Hormuz (illustration)

Iranian local media, including Press TV, reported on the 23rd (local time) that the Iranian military received cash for the toll imposed in exchange for permission to pass through the Strait of Hormuz.

According to the report, this toll was deposited for the first time today into a single account of the Ministry of Economic Affairs and Finance at the Central Bank of Iran.

The Central Bank of Iran confirmed this fact, stating, "It was deposited in cash," and "Some media outlets speculated that this money would be received in cryptocurrency, but that was not true."

The currency of the cash was not disclosed.

Western media, including the Wall Street Journal (WSJ), reported earlier this month that Iranian authorities received tolls for the Strait of Hormuz in Chinese Yuan or cryptocurrencies like Bitcoin.

Previously, on the 21st, the National Security and Foreign Policy Committee of the Iranian Parliament (Majlis) passed a resolution to bring the 'Law on the Establishment of Iranian Sovereignty over the Strait of Hormuz' to the plenary session, which specifies Iran's control over the Strait of Hormuz and provides a legal basis for collecting tolls.

According to this bill, ships wishing to pass through the Strait of Hormuz must submit relevant documents to Iranian authorities for permission, and the toll must be paid in Iranian Rial.

The amount of the toll deposited at the Central Bank of Iran today was not disclosed, but local media reported that it was levied differently depending on the type and quantity of cargo and the risks associated with ship operations.

Although the criteria for calculating tolls per vessel have not been officially announced, estimates suggest approximately $1 per barrel for oil tankers and $2 million (approximately 3 billion won) for very large crude carriers (VLCCs).