Iran's $7.8 Billion Crypto Scene Seeks Growth After Ceasefire

Just read that Iran might start accepting crypto payments for oil tankers to dodge sanctions and make it harder to trace confiscation. No idea how legit this news is, but if it goes down, it could seriously boost the crypto market. With more crypto transactions happening, I reckon we could see some positive vibes for prices too.

The news is real, and what's left now is if countries whose oil tankers are to pass through the Strait of Hormuz will have to pay through crypto or if they will consider paying through the Chinese currency. If the strait keeps closed and payments are to be made before any country crosses with their oil tanker, then they will achieve that target in no time; millions can be coming in on a daily basis, and that volume of purchase in bitcoin on a daily basis will help the market grow.

They already used cryptocurrencies for avoiding sanctions in many years so this news is not actually about new thing from Iran government. With more and and stricter KYC and AML polices enforced on centralized exchanges, it will become harder for sanctioned nations like Iran to do their money laundering. They can try doing that with Bitcoin and cryptocurrencies especially privacy coins like Monero, Zcash, ... but it will become harder and no longer easy like past years. Mostly it will be easiest with trades between Iran and their allies like Russia, China, North Korea for examples.

Yeah, I came to know about this news since Iran started to charge a fee from every cargo that passes through the Strait of Hormuz. And, according to my best knowledge, every cargo has to pay 2 million in bitcoin as an insurance fee for the safe passage from the Strait of Hormuz. This is really good news for the bitcoin market because a lot of money will convert into bitcoin for payment purposes. And, along with this, when these billions of dollars enter the bitcoin market, seeing this, a lot of new cash will also enter the bitcoin market, and altogether this will make the bitcoin market bullish again. In my point of view, the reason why Iran is charging this fee in bitcoin is that the amount can not be seized by any authority. Well, let's see negotiate for peace between Iran and America are ongoing in Islamabad-Pakistan. So, let's see what conclusion will come out.

These has already been implemented and they have been accepting Bitcoin in cryptocurrency for their payment all because of the sanction they had and how they wanted to avoid full dependence on the American USD for their transactions and payments. I do not know how true the news is but if this happens then it will create a lot of positive impact on the crypto market. Since there are crypto transactions it will also create a positive impact on the market in terms of price. [/quote] Let's just say this for an instance, because there is no certainty in such, mind you we are dealing with a volatile digital currency.

It'll be funny seeing this happen. Of course BTC transactions are immutable and so long as Iran can find ways to spend the coins they receive they'll be able to use them regardless of sanctions. But what will be funny is that the support for bitcoin's price would largely be coming from the west. The big banks and financial institutions have stopped being anti-bitcoin and many are even investing in ventures related to it. So since Iran is proven to be using BTC at scale, what will the west do about it? It's an awkward situation for the current US administration especially given how invested the president is.

If, I mean if Iran accepts Bitcoin payment for canal transit fees, they would definitely still need a way to peg it to the current price, because of Bitcoin's significant price fluctuations, Iran also doesn't want their collected shipping fees to drop sharply.

So the question is, if we put aside stablecoins like USDT and USDC, what other methods does Iran have to ensure that the bitcoin it receives won't crash in value?

I have a feeling they would prefer it over working with Us dollars

Almost all of the countries are dealing with cryptocurrency to overcome regulations set by US and EU which is really interesting. As per the news they are planning to collect transit toll around $1 per barrel but in another news headlines it says the Iranian authorities are struggling to find the mines they set during the war and hence there will be a delay in opening the Strait of Hormuz  . It is highly unlikely there will be any major impact on the price even if they start collecting in crypto.

I have read this news through the bitcoin magazine social media handle some days ago and I reposted it and there I meant an argument that they meant Chinese yuan and crypto, that it is not bitcoin. I went on to ask the person the difference between bitcoin and cryptocurrency, instead of answering straight he was talking about CBDCs, that it is what Iran has said they will accept. In the other news, I heard USDT was to be used. But these information keep me panicking as to why a whole country will make such mistakes of using coins that can be frozen at any time against bitcoin. If an individual makes such a mistake, it would be understood and not a who country make it. Meanwhile, any particular link that mentioned that they accept bitcoin specifically.

Other reports show that Iran is charging $1 per barrel. Which means the amount charged for cargoes would depend on the amount of oil they carry. For Bitcoiners, it could be good news since it is making the coin popular in the global market. If Iran decides to hold, it could also have a positive impact on the price. However, this transit fee would hurt the price of fuel and electricity. The amount paid by these ships will be passed down to consumers. The common people would have to bear the consequences of Iran's levy because the prices of goods would increase to cover the money paid.

US dollar that they have already abandoned? That is not in use when transacting with Iran anymore, which is one of the reasons why cryptocurrency will succeed for canal transit fees. Since most currencies are not going to accepted during transactions internationally bitcoin and other cryptocurrencies that has more privacy will be much better for Iran and I see its success coming soon if only they keep holding their ground on the closing of the Straits of Hormuz.

Well... as far as we know, this isn't anything new; in fact, the influence this conflict has had on the price of Bitcoin is real. Iran has been using cryptocurrencies for years (not just Bitcoin, but especially Tether) to circumvent sanctions, and this new "crypto toll" in the Strait of Hormuz is simply the logical evolution amidst the recent conflict with the US/Israelis. It shows how sanctioned countries see Bitcoin and stablecoins as a strategic tool for "survival," not just as an investment.

The coins will be held by Iran and then sold to OTC desks, so Iranian people obviously don't get to benefit from this. Exchanges mainly benefit from it. Also a new ceasefire failed to be agreed on, so I doubt the price is going to go back up anytime soon. I mean, they have already been threatening anyone who uses mixers and noKYC exchanges for ages, so I don't exactly see how this is new info.

With Iran boycotting some sanctions using crypto and seen how it's helping them in a period like this can trigger more adoption in time to come,any nation is deeply in sorrow with some sanctions that have set their economy backwards beyond measure, cryptocurrency will strive where it will be best option for many nations in time to come, the fight of many government to centralized and grief the control of this is because of its decentralized nature that they are out of controlling the system, imagine what would have been the condition of Iran now hard it been they don't adopt using crypto where many sanctions have choked them globally and freezen asset, their leverage is the use of crypto where US can't easily freeze as they are in control themselves.