Expert Criticizes Iran's Bitcoin Toll Plan for Strait of Hormuz

Iran's recent decision to implement a Bitcoin toll system for tankers passing through the Strait of Hormuz has been deemed impractical by Sam Lyman of the Bitcoin Policy Institute. According to NS3.AI, Iran's parliament approved the toll system in late March, aiming to charge fees for the approximately 21 million barrels of oil that transit the strait daily. Lyman highlighted the logistical challenges, noting that a single supertanker can generate up to $2 million in fees, while the largest recorded transaction on the Lightning Network is only $1 million, insufficient for handling large shipments.