The Financial Times reported that Iranian authorities may require oil tankers to submit their cargo data before entering territorial waters. Fees will be imposed on ships based on their cargo, and only then will they be required to pay fees in Bitcoin before being allowed to pass.

Bitcoin transaction fees are gaining more attention as the disruption of shipping services through Hormuz continues.

The reported fee is one dollar per barrel. It appears that the pilot transmission passes without obstacles. There are also reports of warnings being sent to other ships attempting to pass without prior notice.

The Strait of Hormuz is one of the most important oil transit routes in the world, representing a large share of global oil supplies, according to the U.S. Energy Information Administration. However, any disruption in this corridor today could impact global markets.

Iran's proposal comes at a time of heightened tension, as the fragile ceasefire remains in effect. With shipping activity below normal levels, interest in the idea of a Bitcoin payment system is increasing.