Vietnam’s State Bank (SBV) began closing over 86 million bank accounts on September 1, 2025, targeting those lacking biometric authentication or inactive for long periods, per . With 200 million total accounts for a population of 101 million, the purge affects 43% of accounts to combat fraud and money laundering, per . Biometric verification via facial scans is now mandatory for transactions over 10 million VND ($379), with 20 million VND ($758) limits for combined transfers, per . The move, part of Project 06 for digital ID integration, aligns with OECD standards and has reduced fraud by 50% in 2025, per .
The closures have reignited the “Why We Bitcoin” mantra, with advocates like Marty Bent arguing that Bitcoin’s permissionless nature protects against state overreach, per . Reddit user Yukzor, a former contractor, shared his ordeal: needing to fly back to Vietnam for HSBC biometric updates or risk account closure, per . Daniel Batten, a Bitcoin environmentalist, called it “next-gen financial surveillance,” emphasizing self-custody as a safeguard, per . Similar controls in Lebanon, Turkey, Venezuela, and Nigeria underscore Bitcoin’s role in financial sovereignty, per . X posts from @MartyBent amplify: “Once you use Bitcoin as your bank, no government can freeze your access,” per
The SBV cites rising AI-powered scams, like a $39M laundering ring busted in May 2025, as justification, per . Herbert Sim, AICEAN’s CMO, notes the impact mainly hits foreign residents with inactive accounts, not locals, per . Pham Anh Tuan, SBV’s Payment Department Director, frames it as a “data-cleansing revolution” to boost cashless payments, which grew 44.43% year-over-year in Q1 2025, per . Critics, including Off-Guardian, warn of a “biometric gulag” tying funds to government databases, per . Vietnam’s $658B credit growth signals economic recovery, but expats face hurdles like OTP and phone-binding issues, per .
This aligns with Vietnam’s OECD push, including MAAC and CbCR agreements for tax transparency, per . Cashless Day 2025 theme emphasizes non-cash as a “strategic foundation” for digital economy, with QR code transactions up 81.64%, per . Bitcoin ($113,234) and Ethereum ($4,070) remain stable, per CoinMarketCap, but the event boosts self-custody narratives, per . Globally, BIS and FATF standards may inspire similar mandates, per .
Verify accounts via SBV guidelines at sbv.gov.vn and use self-custody wallets like MetaMask for Bitcoin, per . BTC support at $112,000; set stop-losses there, or diversify into USDC, per TradingView. Follow @TheBlock__ on X for updates. Vietnam’s policy could accelerate Bitcoin adoption in Asia, potentially adding $10B in inflows by 2026, per.
