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Vietnam’s State Bank ordered banks to close or freeze 86 million accounts in September 2025. Officials said many accounts lacked biometric data or had gone unused for long periods. The move cut the total number of active accounts to about 113 million.
The new rule requires users to register face or fingerprint data. Banks must also demand biometrics for certain online transfers. As a result, many people rushed to branches to keep access to their funds. Foreign residents faced special trouble because most banks required in-person checks.
The government said the freeze helps fight fraud and cybercrime. Leaders also call it a step toward a cashless society. However, critics warn the rules may exclude poor or rural users who struggle to meet the new demands. Some civil groups argue the freeze could hurt financial inclusion.
Could This Go Global?
Vietnam may be an early test case, but the logic behind its freeze is not unique. Many governments worldwide are already exploring stricter biometric rules for banking and digital payments. Supporters say these steps protect against fraud and money laundering. However, critics argue that if account freezes spread globally, billions could face sudden exclusion from the financial system.
This raises deeper questions: Should access to money depend on biometric compliance and state approval? And if banking systems worldwide adopt similar rules, will people turn more to decentralized alternatives like Bitcoin or other digital assets? The Vietnam case could foreshadow a new era where governments balance tighter security with rising demands for financial freedom.
