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ISNR Says Iran Weighs Collecting Strait of Hormuz Transit Fees Through Domestic Banks to Boost Rial

Source

JOON HYOUNG LEE

Summary

Iran is considering collecting Strait of Hormuz transit fees through its domestic banking system, according to a report.
ISNR said the move could strengthen the rial's standing, with annual revenue estimated at $10 billion to $15 billion.
Iran had previously said it was reviewing a plan to collect the fees in Bitcoin (BTC), and Bitcoin later fell more than 1%% after the report.

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Iran is considering collecting Strait of Hormuz transit fees through its domestic banking system, the Iranian Students News Agency reported.

ISNR reported on June 16 that, under proposed legislation related to the Strait of Hormuz, foreign vessels could settle payments through their offices in Iran or through the Iranian banking system. It said the move would strengthen the rial's standing. Revenue from managing and regulating maritime traffic in the strait is estimated at $10 billion to $15 billion a year.

Iran had previously said it was reviewing a plan to collect Strait of Hormuz transit fees in Bitcoin.

Bitcoin fell more than 1% after the report. The token was trading at $73,702.63 as of 11:04 p.m., down 0.42% from a day earlier, according to CoinMarketCap.

BTC