Bitcoin advocates are jumping and repeating after reports that Vietnam closed 86 million bank accounts that failed to comply with a facial biometric verification mandate.
Many Vietnamese media outlets – including Vietnam+ – reported In July more than 86 million bank accounts began closed on September 1, while the remaining 113 million bank accounts were proven under New biometric laws That goal to avoid cheating and laundering of money.
A Reddit user known as “Yukzor,” a former foreign contractor in Vietnam, Says The implementation of the new law is required of him Fly back to the country to avoid her HSBC bank account From the closure, with no distant solution.
“Is it crazy to anyone else in 2025, you can’t move your money and have to fly to a country in person to solve an issue? Above all, they said they’ll close my account this month if I don’t fly and update the biometrics,” he wrote the Earner this month.
‘This is why we bitcoin’
Bitcoin advocates have long supported the idea that people should have access to their own funds, without interference with the government or external interference.
“If users do not comply with the 30th (of September) they will lose money. This is why we Bitcoin,” Bitcoin industry commentator Marty Bent Says on Thursday. Cointelegraph could not be able to verify if customer funds would not be recovered after September 30.
However, the capital control of this nature of nature took place in Lebanon, Turkey, Venezuela, Cyprus, Nigeria, India and many other countries since the launch of Bitcoin, and it would be “silent to think that Vietnam would be the end,” bent Says In a separate article for TFTC on Thursday.
The strict proposal – in which bitcoin environmentalist Daniel Batten Says Vietnam’s central bank is given “next-gen financial surveillance capability” —a showing why unauthorized financial protocols such as Bitcoin are required to protect against state overreach.
“When you use Bitcoin as your bank, and do it right, there’s no need to remember about the government of your country or central bank that decides on a whim to push the biometric verification requirements to you,” Bent said.
“That’s a powerful ability that most of the world has never woken up.”
Banking Biometrics said to fight fraud
Vietnam has introduced the steps after seeing an increase in generative AI and sophisticated spoofing techniques to prevent security measures such as discovering life in recent years.
In May, the local police dropped an AI-powered ring that was enabled by the money using fake facial scans and estimated to be 1 Vietnamese Dong trillion ($ 39 million).
To comply Verification of facial biometric, And again for online transfers of more than 10 million Vietnamese Dong ($ 379), the State Bank of Vietnam Says in late June.
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Combined transactions over 20 million Vietnamese Dong ($ 758) will also need biometric validation.
However, a Vietnam -based Executive Executive said cointelegraph The news could be overblown and that most locals were not affected, stating that the changes were primarily affected Foreign residents with inactive accounts.
“It doesn’t seem like a local shouting in any way,” they said.
Aicean Chief Marketing Officer Herbert Sim, who is currently in Vietnam, told Cointelegraph that the problem especially affects foreigners who leave the country or for casual or inactive accounts, or accounts that people forget.
“The (one-time password) and phones-binding, which requires in-person biometric verification, are major obstacles,” says Sim, also known as “Bitcoin Man.”
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