Vietnam deleted 86 million bank accounts in September under biometric rules, renewing the Bitcoin versus banks debate.
Vietnam, ever the master of efficiency, has turned its gaze toward the digital realm with a purge so brutal, even the most stoic economist might weep. In September, 86 million bank accounts-nearly half of the estimated 200 million-were summarily evicted, leaving users to wonder if their money was stolen or just… misplaced. 😂
The State Bank of Vietnam, with the moral clarity of a man who’s just discovered his neighbor’s Wi-Fi password, declared this purge a necessary evil to combat fraud and cybercrime. Yet, as accounts vanished like ghosts at dawn, one couldn’t help but ponder: Is this the future of banking, or a dystopian novel written by a bored bureaucrat?
Biometric Banking and Account Closures
Authorities now demand face scans for account registration and transactions exceeding 10 million VND ($379). A daily limit of 20 million VND ($758) without biometric approval? Not on their watch! Out of 200 million accounts, 113 million survived the cull. The remaining 86 million? Either frozen or deleted, their owners left to grumble about the cost of not having a selfie-ready face. 🤳
Vietnam froze 86 million bank accounts that don’t meet its new biometric standards.
If users don’t comply, the bank will seize the money.
Users must wish they had their wealth in Bitcoin!
– Sasha Hodder (@sashahodler)
Foreign residents and expats, already battling the existential dread of being outsiders, now face the added joy of navigating a system that treats their faces like expired coupons. Dormant accounts, meanwhile, were summarily executed, their owners left to wonder if their money was ever real. 💸
Bitcoin vs Banks In Competing Models
The purge has reignited the age-old battle between Bitcoin and banks-a clash of ideologies as dramatic as a Shakespearean tragedy. Supporters of Bitcoin argue it’s the ultimate escape from the tyranny of centralized finance. After all, who needs a bank when you can hold your money in a string of numbers and a password? 🔐
Yet critics, with the wisdom of someone who’s lost money to a scam, warn that Bitcoin is no utopia. Volatility? Check. The risk of losing your keys to a digital vault? Double check. And let’s not forget the inconvenient truth that most people still need fiat to buy groceries. 🛒
RELATED: Vietnam Closes Another 86 Million Bank Accounts, A Week After Thailand Froze 3 Million
Why Vietnam Turned to Biometrics
The government, with all the enthusiasm of a man who’s just discovered biometric scanners at a 50% discount, insists this move is for security. Recent fraud cases involving AI-generated faces, they claim, justify the crackdown. In one incident, a $38 million money laundering ring was dismantled, proving that Vietnam’s new rules are as effective as a lock on a door that’s already been picked. 🛡️
Vietnam froze 86M bank accounts using mandatory biometric IDs framed as “security.” warns this is a trial run for central bank digital currencies. Full video: …
– ITM Trading (@ITMTrading)
Critics, however, whisper that this is a dress rehearsal for a Central Bank Digital Currency (CBDC). Whether Vietnam’s motives are noble or nefarious remains to be seen, but one thing is certain: the future of finance is as murky as a swamp in a Russian novel. 🌫️
Market Reaction and Bitcoin Price
The purge sent shockwaves through the crypto community, though Bitcoin’s price remained as indifferent as a cat to a laser pointer. On September 22, Bitcoin traded at $112,539, a 1.9% dip on the week. Ethereum and Solana followed suit, their declines more a reflection of market apathy than any Vietnam-induced panic. 📉
Supporters of the new rules argue they’ve reduced fraud and protected consumers. Opponents, however, counter that 86 million deleted accounts is a damning indictment of the system’s flaws. In the end, the debate rages on-a cacophony of voices shouting over the noise of a world hurtling toward a digital future. 🌐
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2025-09-23 11:02