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Iran Will Impose Oil Transit Fees in Bitcoin
According to a report published by the Financial Times, Iran is demanding shipping companies pay transit fees in cryptocurrencies to allow passage through the Strait of Hormuz. Hamid Hosseini, spokesperson for the Iranian Oil, Gas, and Petrochemical Exporters Union, specifically mentioned Bitcoin as the approved payment method.
According to Hosseini, the law requires shipping companies to pay one dollar per barrel of oil or two million dollars per vessel. If payment is made in Bitcoin, it will lead to an increase in demand for