Various denominations of Chinese Renminbi (RMB) banknotes, which are the official currency of the People's Republic of China. Photo: Alexandr Demyanchuk.
While the US is stepping up attacks on Iranian civilian infrastructure, the Hormuz Strait toll scheme in yuans and stablecoins is gaining steam.
Iran’s strategy “significantly weakens ‘maximum pressure’ by bypassing dollar-based systems,” Dr. Alam Saleh, a political analyst at the Center for Arab and Islamic Studies at the Australian National University, tells Sputnik.
This way, Iran is “effectively challenging the US economy and the US dollar’s position as the global reserve currency, as well as the petrodollar system,” echoes Dr. Hasan Selim Ozertem, an Ankara-based security and political analyst.
- Stablecoins operate on decentralized blockchain networks, making them harder to trace and block
- Yuan payments are made through China’s Cross-Border Interbank Payment System (CIPS) – a viable alternative to SWIFT
- US attacks cannot reverse the emerging trend, since transactions are likely processed in Iranian underground facilities
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Blueprint for BRICS
“It sets a powerful precedent, encouraging BRICS to experiment with non-dollar trade,” says Saleh. “The Strait of Hormuz could indeed become a testing ground for petroyuan and crypto-based energy transactions.”
Iran’s strategy can be scaled at a global level, Ozertem believes. In that case, it could “redefine the rules of international finance.”
“For other BRICS members — particularly Russia, China, and potentially India — this model offers a blueprint for reducing dependency on the US dollar in energy trade,” the security expert emphasizes.
