Bitcoin in Focus: Vietnam Cancels 86 Million Bank Accounts for Non-compliance with Biometrics
Vietnam Strengthens Financial Control, Provoking Discussions on Decentralized Assets
Starting September 1, 2025, Vietnamese authorities began closing more than 86 million bank accounts that have not undergone mandatory biometric verification. Of the total 200 million active accounts, only 113 million have successfully passed verification according to new regulations by the State Bank of Vietnam (SBV). These measures aim to strengthen the fight against fraud and money laundering against the backdrop of increased use of generative AI for document forgery.
According to reports from local media, such as Vietnam+, the initiative mainly affects inactive or forgotten accounts, as well as foreign residents' accounts. To maintain access, customers are required to undergo facial authentication during registration and for online transactions exceeding 10 million Vietnamese dong (about 379 USD). For combined operations exceeding 20 million dong (758 USD), biometrics are required again.
Response from the Crypto Community: "This is Why We Use Bitcoin"
Bitcoin supporters saw the news as confirmation of the vulnerability of traditional financial systems. Industry commentator Marty Bent stated in his post on the TFTC platform: "If users do not meet the requirements by September 30, they will lose their money. That is why we use bitcoins." Bent noted that similar restrictions have already been introduced in Lebanon, Turkey, Venezuela, Nigeria, and India, and "it would be naive to believe that Vietnam will be the last."
Reddit users, including a former contractor in Vietnam under the nickname Yukzor, share personal stories. He had to return to the country to update data in HSBC, as a remote solution was impossible. "In 2025, it's crazy: you can't transfer money without a personal visit," he wrote.
Experts Highlight the Role of Decentralization
Bitcoin resilience specialist Daniel Batten described the measures as "next-generation financial oversight opportunities" for the central bank, highlighting the need for protocols like Bitcoin to protect against government interference. "Once you start using Bitcoin as your bank properly, you will no longer have to worry about biometric verification at the whim of the authorities," Bent added.
However, a representative of a Vietnamese crypto company told Cointelegraph that the situation is exaggerated: the changes mainly affected expats and inactive accounts, without causing mass protests. AICEAN's marketing director Herbert Sim, known as "Bitcoin Man," confirmed that the issues are particularly relevant to departed foreigners, where one-time passwords and biometrics create barriers.
Key Thoughts of the News
Financial Safety vs. Freedom: Biometric verification effectively counters AI fraud (as in the case where the Truong My Lan group laundered more than 1 trillion dong in May) but simultaneously strengthens state control over financial flows.
Global Trend: Similar measures in other countries highlight the advantages of decentralized assets for financial autonomy.
Market Analysis: In the context of growing crypto adoption in Vietnam (one of the leaders according to the Chainalysis index), such events may stimulate the migration of funds into Bitcoin, increasing its liquidity and resilience.
Crypto market analysts note that this event strengthens the narrative of Bitcoin as "digital gold" amid geopolitical instability, potentially contributing to an increase in mining hash rate in Asia.