Iran's Revolutionary Guards Demand Tolls in Yuan or Crypto for Strait of Hormuz Passage
Iran has implemented a new policy requiring ships to pay up to $2 million in Chinese yuan or cryptocurrencies to pass through the Strait of Hormuz. This move follows a bill approved by Iranian lawmakers, which mandates that tankers and cargo ships negotiate passage fees with a company linked to the Islamic Revolutionary Guard Corps (IRGC). Ships must provide detailed information about their ownership, flag, cargo, and crew, and transmit a secret code to the Iranian navy to ensure safe passage. This policy effectively gives Iran control over the Strait, a crucial trade route for 20% of the world's oil supply. Since the onset of a conflict involving the U.S. and Israel, Iran has restricted passage to ships it deems non-hostile, allowing only about 300 ships to pass since March. 
