Iran will require shipping companies to pay in cryptocurrency for oil tankers passing through the Strait of Hormuz, the Financial Times reports.

Tehran plans to charge fees in cryptocurrency for passage through the Strait of Hormuz, as well as to inspect ships for possible weapons, during the current two-week ceasefire.

Iranian authorities say ships wanting passage through the Strait of Hormuz will have to apply for permission, disclose information about their cargo, and pay a cryptocurrency equivalent to about $1 per barrel.