According to recent reports, Iran has announced a per-barrel tax on oil tankers transiting the vital Strait of Hormuz, to be paid in cryptocurrency, bitcoin or other digital currencies.
The proposal comes amid a two-week ceasefire agreement brokered by Pakistan that has strengthened Iran’s control over a key energy route in the Middle East.
Iranian authorities have said they will only collect tolls from ships that provide complete cargo information and meet all legal requirements for security and surveillance. In this regard, ships will have to provide previous cargo details via email, after which they will be sent a tax code and payment instructions.
Iran’s main claim is that the system is necessary to prevent the secret shipment of weapons or prohibited goods and to improve the security of the passage, but international law experts call the move against international law and navigation principles because imposing fees on natural waterways is traditionally not considered logical.
Legal observers say that under the essential principle of freedom of navigation in maritime trade, sea lanes are usually unconditional, and Iran’s recent proposal could go against this tradition, which could further increase tensions with Gulf countries and world powers.
In addition, some reports have also stated that it is possible to use a number of unconventional payment methods such as the Chinese yuan, Bitcoin, Stakecoin, to reduce the influence of the US dollar and avoid US sanctions.
The IMO (International Maritime Organization) and other global maritime bodies have not yet given a clear response to Iran’s plan, but international shipping companies have expressed concerns that the system could affect maritime traffic and insurance costs.
Experts say that if the plan is implemented, it could lead to a rise in global oil prices, disruptions in supply chains and new activity in crypto markets, the effects of which could prove to be long-lasting on global trade.
We welcome your contributions to The Pakistan Today. Submit your blogs, articles, press releases, news story pitches and news features to our editorial team.
Please send your submissions to our News Desk or Editorial team. We look forward to hearing from writers, journalists and contributors.
