BitMEX founder Arthur Hayes has publicly questioned reports that Iran is collecting Bitcoin (BTC) customs from oil tankers passing through the Strait of Hormuz.
His doubts reflect a growing number of the crypto community that questions whether there are actually any blockchain proofs visible with Tehran's crypto customs requirements.
Iran's crypto customs requirement is facing blockchain doubts.
The dispute is based on a report about Bitcoin customs in the Strait of Hormuz. According to Hamid Hossein, spokesman for Iran's oil, gas, and petrochemical export union, loaded tankers must send cargo information via email to Iranian authorities.
After this, they are informed of a customs fee of about 1 dollar per oil barrel.
Payments must be made in cryptocurrency or Chinese yuan. BTC was mentioned as an accepted alternative. Fully loaded supertankers may have to pay up to 2 million dollars, which corresponds to about 281 BTC at the current price.
According to reports, the payment time is only a few seconds long to make it harder to trace or seize funds due to Western sanctions.
The Islamic Revolutionary Guard Corps (IRGC) monitors compliance with regulations. If a vessel does not comply with the regulations, its passage may be blocked.
Hayes responded on X with a stern challenge.
"I believe that Iran will impose duties in BTC only when I see a transfer linked to a specific vessel's customs fee. Otherwise, it's just IRGC trolling against the stench of the Western fiat system," Hayes challenged in his message.
The strait is still closed – suspicions are growing.
Although a two-week ceasefire between the USA and Iran is in effect, shipping traffic data shows that tankers have moved very little. According to intelligence company Kpler, referring to multiple reports, no oil or gas vessel has passed through the strait since the ceasefire took effect.
Hundreds of vessels are still waiting, and the waterway, which usually sees about 135 vessels a day, has largely remained closed.
Bloomberg has previously reported that some vessels paid their duties in yuan or stablecoins, such as Tether (USDT), to secure safe passage escorted by the IRGC before the ceasefire.
No BTC payments have, however, been conclusively observed on the blockchain.
Other known accounts confirm suspicions, referring to 'geopolitical provocation' that the story spreads instantly to involve any crypto or yuan, not just BTC.
At the same time, a commentary account linked to Mossad brought in a new detail. It claimed that Iran had listed the USD1 token associated with Trump as an accepted means of payment, suggesting it could be a geopolitical provocation.
What’s next?
The price of BTC rose by about 5% after the news, which partly indicates that the market views the news as a positive sign of acceptance.
However, the EU has publicly stated that freedom of navigation must be ensured without any fees or duties.
If a verifiable transfer is found on the blockchain linking BTC to a specific vessel's customs fee, it would be one of the largest sovereign uses of Bitcoin in energy sector payments.
Without such evidence, Hayes and a large part of the crypto community remain skeptical for the time being.