Arthur Hayes doesn’t waste his words even if he doesn’t agree with the story. In light of reports such as Iran imposing virtual currency tolls on oil tankers and Bitcoin entering financial negotiations between countries, a question was asked about whether virtual currencies are becoming the backbone of a parallel financial system. $XRP In response to the discussion about cross-border payment infrastructure, he had a one-word answer.
“When we see on-chain evidence that an institution is using $XRP “If it’s on a large scale, I would believe the Ripple supporters,” he said in an interview with Coinpedia.When it comes to Bitcoin tolls in particular, Hayes said he applied the same standard: “If you look at transactions related to shipping toll payments, you’ll believe that Iran is charging tolls in Bitcoin,” he said.”Otherwise, it’s just the Iranian Revolutionary Guards trolling the West’s dirty fiat financial system.”
Financial Times coverage
The fee structure, explained by Hamid Hosseini, a spokesman for the Iranian Oil, Gas and Petrochemicals Exporters Union, requires tankers to email cargo details to Iranian authorities in advance. Once cleared, a toll of $1 per barrel is levied and empty tankers are free to pass.
Payments must be made within seconds using Bitcoin. This was specifically chosen to avoid tracking and confiscation due to international sanctions. This system is designed to continue working regardless of what traditional financial infrastructure allows or disallows.
Whether those transactions are actually occurring at scale and whether they are visible on-chain is exactly the question Hayes is asking.
broader context
This question is very important considering what is happening in the global market. Jim Rickards, who helped build the petrodollar system in the 1970s, recently cited Ripple, along with Bitcoin and Tether, as a potential currency for Iran’s reported Strait of Hormuz toll collection.
The story of parallel financial systems is one of the most powerful long-term stories in cryptocurrencies. Mr. Hayes is just waiting for the ledger to confirm that.
