Vietnam closes 86 million bank accounts, Bitcoin wins impulse as a refuge

By Canuto

Vietnam closes 86 million bank accounts that do not meet biometric verification. The massive closure of accounts in Vietnam reinforces the arguments of the Bitcoiner community about the need for financial systems without state control.

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Vietnam closed 86 million accounts that did not meet biometric requirements
Bitcoiners claim that the measure proves the importance of money without permits
Experts point out that the most affected are foreigners and inactive accounts

In September, Vietnam began closing more than 86 million bank accounts that did not comply with the mandatory facial biometric verification, according to local media such as Vietnam+. The measure, in force since September 1, responds to a regulation that seeks to reduce fraud and money laundering.

The rest of the 113 million active accounts in the country were validated under the new rules, which require biometric identification both in the registry and in transfers superior to certain amounts. The process includes the obligation of facial scan even for online operations, which has generated controversy between local and foreigners.

A foreign contractor known in Reddit as “Yukzor” said he had to return to the country only to prevent his HSBC account from being closed. “Does it sound crazy for someone in 2025 who cannot transfer your money and should fly to the country in person? In addition, they told me that they would close my account this month if I did not update my biometric,” he wrote.

Bitcoiner community reactions

The news resonated strongly among Defensores de Bitcoin, who consider that this situation illustrates the vulnerability of relying on bank accounts controlled by governments. Marty Bent, industry commentator, stressed: “If users do not meet before September 30 they will lose their money. This is the reason we use Bitcoin.”

Bent recalled that similar cases have occurred in countries such as Lebanon, Turkey, Venezuela, Chipre, Nigeria and India, and warned that it would be naive to think that Vietnam will be the last to impose measures of this type. According to him, the policy gives the Central Vietnam Bank “new generation financial surveillance skills.”

The environmentalist Bitcoiner Daniel Batten agreed that the measures reinforce the need for monetary protocols without permits such as Bitcoin, which allow people to control their funds without relying on requirements imposed by the State.

Local perspectives and global context

Despite the magnitude of the announcement, local experts point out that the impact has been limited for most Vietnamese citizens. A crypto executive in the country told Cointelegraph that the most affected have been foreigners with inactive or resident accounts who have not returned to the country in years.

Herbert Sim, Marketing Director of Aicean and known as the “Bitcoin Man”, explained that forgotten or casual accounts face the greatest obstacles. The requirements such as single -use passwords linked to phones and the face -to -face verification obligation complicate further compliance, especially for those who live outside Vietnam.

The regulations arose after police authorities detected an increase in advanced digital fraud techniques. In May, the Police dismantled a money laundering network that used false facial scans and that would have moved around 1 billion Vietnamese (USD $ 39,000,000).

The debate about the future of money

The imposition of biometric controls in Vietnam is part of a global context where several countries apply severe restrictions on access to currencies and accounts. For Bitcoiners, the case reinforces its vision that state -controlled money is a revocable privilege.

The Street Cy₿er collective, a group of Bitcoiner graffiti artists, declared Cointelegraph That this episode shows that state money “is not a right, but a concession.” In his vision, Bitcoin represents the alternative without permits, guaranteed by mathematics instead of biometric scanning.

Controversy shows that tensions between financial security and individual freedom will continue to mark the global debate on digital money. In the Vietnamese case, the massive closure of accounts becomes a reminder of the fragility of traditional banking against decentralized alternatives.

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