Why we Bitcoin — Vietnam closes 86M bank accounts that fail biometrics

Vietnam is reportedly closing 86 million bank accounts. Crypto advocates see it as the latest reason everyone should hold Bitcoin.

Bitcoin advocates are jumping up and down again after reports that Vietnam has closed 86 million bank accounts that failed to comply with a facial biometric authentication mandate.

Several Vietnamese media outlets — including Vietnam+ — reported in July that over 86 million bank accounts started being closed on Sept. 1, while the remaining 113 million bank accounts were verified under new biometric laws that aim to prevent fraud and money laundering. 

A Reddit user known as “Yukzor,” a former foreign contractor in Vietnam, said the new law’s implementation has required him to fly back into the country to prevent his HSBC bank account from closing, with no remote solution. 

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