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Iran hints at circumventing payments in yuan and bitcoin, signs of cracks in petrodollar system

The petrodollar system is being shaken by the fallout from the U.S.-Iran war, with signs of cracks in the dollar-based structure for global oil trade. War risk in the Gulf has raised concern about dollar shortages, and UAE officials have discussed possible financial backstops with the United States. Iran is reported to have imposed yuan-denominated passage fees in the Strait of Hormuz and has also signalled possible use of bitcoin-based fees.