The Iranian government chose Bitcoin as a payment method for oil tolls due to its confiscation-resistant properties, but only dollar stablecoins have been used so far.
Iran’s government naming Bitcoin (BTC) as a payment method for oil ships crossing the Strait of Hormuz highlights its role as a neutral, strategic asset, according to Sam Lyman, head of research at digital asset advocacy organization Bitcoin Policy Institute (BPI).
The government selected BTC as one of the payment methods for the tolls because of its censorship-resistant qualities, Lyman told Cointelegraph. He said:
Iran is accepting oil tolls in Chinese yuan, US dollar-pegged stablecoins and BTC. However, there is “no onchain evidence” of a BTC toll payment so far, Lyman said, adding that the “majority” of Iran’s crypto transactions are denominated in US dollar stablecoins.
