The UK’s top diplomat on Thursday rejected Iran’s toll plan for the Strait of Hormuz, characterizing the effort as a “hijacking” of the crucial transit route.
Iran is reportedly planning to charge firms in cryptocurrency to pass through the strait — $1 per barrel of oil — a move that reflects how the regime’s digital currency ecosystem has grown due to sanctions and the rial’s devaluation, The Wall Street Journal wrote.
Global powers are watching closely: US President Donald Trump suggested a “joint venture” with Iran to charge tolls, while some Chinese experts proposed using digital yuan tokens for the payments.
Any “toll booth” plan would “leave energy markets vulnerable and hardwire higher prices for years to come,” Reuters’ energy columnist argued.