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BTC U.S. Treasury Secretary Bessent plays a key role in the U.S. -Iran negotiations, and Iran traded Bitcoin for security in the Strait of Hormuz
U.S. Treasury Secretary Scott Bessent has become a central figure in the ongoing U.S. -Iran negotiations. Whether it is about the seizure of the country's assets or any plan that might unblock the Strait of Hormuz, he always brings the latest progress. Recently, he shared new developments.
It has been more than seven months since the outbreak of the war in West Asia, and there seems to be no sign of ending. On February 28, the United States and Israel launched an attack on Iran and assassinated Iran's Supreme Leader Ali Khamenei and other senior leaders. In response, Iran attacked U.S. -Israeli military bases in nearby areas.
Iran offers Bitcoin payments in exchange for safe passage through the Strait of Hormuz
As one of the most severely sanctioned countries in the world, Iran often turns to cryptocurrencies to settle its financial transactions. Since most traditional financial channels do not serve Iran, the country's cryptocurrencies appear reliable due to their anonymity.
In fact, when Iranian outlining ships through the Strait of Hormuz, conditions required a payment of US$1 per barrel of oil to ensure safe passage and required payment in Bitcoin (BTC).
The Strait of Hormuz is the world's main maritime choke point, handling approximately 20% of the world's oil and liquefied natural gas (LNG) supplies. Since February 28, oil prices have soared from $67 to $90. Since global transportation relies on oil, higher transportation costs have also led to a general increase in commodity prices.
The United States has been negotiating with Iran for months to try to lift the blockade, but there has been little progress so far. Naturally, these bitcoin payments became an important source of revenue for Iran.
U.S. takes action against Iranian crypto infrastructure
However, this has not stopped the U.S. from taking action against Iranian entities in Operation Economic Rage. The United States has launched a "maximum economic pressure" sanctions campaign against the Asian country. The operation aims to crack down on Iran's ability to transfer funds, including oil sales, shadow banking, weapons procurement networks and cryptocurrency.
In July, the Treasury Department announced that its Office of Foreign Assets Control (OFAC) had imposed sanctions on two Iranian companies, the Persian Gulf Maritime Insurance Company and the Hormuz Security Maritime Services Authority. The two companies are an integral part of the Islamic Revolutionary Guard Corps (IRGC) plan to focus on bitcoin payments in the Strait of Hormuz.
Besent claims that the United States may seize US$1 billion worth of Iranian-linked cryptocurrency this week
On October 9, Besent told Greta Van Susteren at the NPolicy Summit at Newsmax that the United States would "likely" seize US$1 billion worth of Iranian-linked cryptocurrency assets this week. This is part of what he calls a campaign to "absolute isolation" of the country.
"We know where they are and we are isolating them."
However, he did not provide more details about the plan to seize cryptocurrencies. This latest move is part of a broader U.S. strategy to achieve financial isolation of Iran by repeatedly seizing its cryptocurrency assets.
On May 29, Besent claimed that the United States had seized approximately US$1 billion in Iranian cryptocurrency assets. But a press release from the Treasury Department that day only redirected to Besent's April 29 interview, in which he claimed that the United States had seized nearly $500 million in Iranian cryptocurrency assets.
