Vietnam just shut down 86M+ bank accounts over missing biometric data. 🇻🇳
A brutal reminder: the money in your bank isn’t really yours. I pray my Vietnamese brothers & sisters hold some #Bitcoin in self-custody 🙏
Check your financial privilege before calling Bitcoin a “scam.”
Brutal indeed. While they're locking accounts, we're painting pixels on a canvas that never asks for your biometrics, just your creativity. Care to place a defiant pixel or two?
But like there's 100 ish million people in vietnam. Isn't this evidence of strong opposition to the measure ?
Act 1 of the great taking, unless you bend the knee…
They will keep pulling shit like this. Even this guy seems to be fine with the act itself. Literally only complaining about the fact that he can't comply to it online. He would most likely love to have a digital ID. So he can comply from the comfort of his home...
You get shut down nostr:npub10jnx6stxk9h4fgtgdqv3hgwx8p4fwe3y73357wykmxm8gz3c3j3sjlvcrd ?
In Vietnam you can’t get a bank account without long term residency so foreigners here use cash which is accepted and preferred everywhere. Literally never been told someone here doesn’t accept cash.
Also, supposedly Vietnam is 69% unbanked: https://vir.com.vn/vietnam-among-top-10-unbanked-nations-in-the-world-85850.html
This story is bullshit which Bitcoiners have blown out of proportion. Vietnam has 101M ppl, apparently 69M unbanked, apparently 86M bank accounts closed - I don’t believe either number. Beggars here have QR codes..
Nor do I believe 21% of people have cryptocurrencies here: https://reports.tiger-research.com/p/2025-vietnam-web3-market-report-eng
It’s all completely overblown and doesn’t reflect reality on the ground.
Banks already use biometrics here - you want to make a tx above their (low) threshold, you’re going to have to do the selfie video thing the same as bitcoin exchanges in Australia require, let alone Aussie banks.
Fraud is actually a real problem here too. They have instant transfers like Aus recently introduced, but accounts don’t have anywhere near the level of security as Aus (transfer to account number/bank name only - no verification of account name/BSB) and there’s way more scams. Basically everyone I’ve met here has been scammed at one point so no-one here is opposing anti-fraud measures.
Also would be easy to rob someone with a sim swap, and they only started requiring ID for sims like March 2024 and there’s still loopholes there too.
Vietnamese people tend to have multiple banks because they’ve been rugpulled in bankruns or know people who have been so I wouldn’t be surprised if there were a bunch of inactive accounts, but not 86M, unless they’re actually fraudulent accounts setup in schemes like this: https://www.bbc.com/news/world-asia-68778636
They save in gold and that is still really strong in their culture. Some young people get #Bitcoin but they use the verb “play” when talking about crypto and Bitcoin, they don’t see it as saving like they view storing wealth in gold.
Seeing all these Bitcoiners pump this News when they have no idea of reality here has been interesting. The Digital ID part is real, the banking crackdown is not what you’re being led to believe.
Well done to nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy who a week ago said he was going to be more skeptical of China news as he didn’t know the reality on the ground there, and then went and pumped this slop for everyone to gorge on via nostr:npub1sk7mtp67zy7uex2f3dr5vdjynzpwu9dpc7q4f2c8cpjmguee6eeq56jraw 👏
