Iran and Oman are negotiating an agreement to manage commercial shipping through the Strait of Hormuz, a waterway through which roughly 20 million barrels of oil pass daily, representing about 20% of global oil supply. A draft protocol published in April 2026 proposed toll payments denominated in crypto or yuan, which would mark one of the first formal integrations of digital assets into the payment infrastructure of a major global trade chokepoint. Negotiations, launched in late July 2026, are stalled notably on the distribution of shipping lanes: Oman proposes a 50-50 split inspired by the Strait of Malacca model, while Iran is demanding full control of one lane and partial oversight of the other. If the agreement incorporates crypto assets, it would constitute a sovereign endorsement of these digital assets as legitimate instruments of international trade.
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