Arab Times and other outlets reported on the 27th (local time) that Alaeeddin Boroujerdi, a member of Iran’s parliament on the National Security and Foreign Policy Committee, said the central bank set up accounts in the rial, Chinese yuan, U.S. dollar and euro to manage toll revenue.
The funds are expected to be managed in cooperation with the Islamic Revolutionary Guard Corps (IRGC) Navy, in line with parliamentary discussions, the reports said.
Arsenio Dominguez, secretary-general of the International Maritime Organization (IMO), said international law does not allow tolls, taxes or customs duties to be imposed in straits used as international sea lanes.
The Strait of Hormuz is a strategic chokepoint through which about 20% of the world’s seaborne crude oil shipments pass, and the move is expected to ripple through the global shipping industry and regional security.
Iran moved to control the strait after war broke out following U.S. and Israeli attacks on Feb. 28, and the United States responded by imposing a maritime blockade targeting Iranian ports and other sites.
Boroujerdi said parliament is pursuing a “Strait of Hormuz Security Plan” to put a toll system into law and secure a stable revenue source. He added that payment could later shift to digital currency and mentioned the possible adoption of a blockchain-based payment system to strengthen financial influence in international transactions.
The policy has also moved into actual collection. Iran’s PressTV previously reported that on the 23rd, Iran’s military collected a Strait of Hormuz toll for the first time in cash. The toll was deposited into a single central bank account and was paid in cash, not cryptocurrency, the report said.
* This article has been translated by AI.
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