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The post Vietnam Closes Another 86 Million Bank Accounts appeared on BitcoinEthereumNews.com. Vietnam is planning to close 86 million unverified bank accounts by the end of the year under biometric laws.  Vietnam is preparing to close 86 million bank accounts that fail to meet biometric verification standards. The State Bank of Vietnam (SBV) confirmed that the move will take effect by September.  The decision comes as part of an effort to secure the country’s financial system, curb fraud and push toward a cashless economy. Why 86 Million Bank Accounts Will Be Closed Vietnam had around 200 million bank accounts as of last year. However, after biometric checks, only 113 million personal and 711,000 organisational accounts were found to have been valid.  This means that those who fail to update records will be shut down permanently. Vietnam just froze 86m bank accounts because account holders didn’t comply with new biometrics laws that require a face scan or fingerprint for account verification. If users don’t comply by the 30th they’ll lose their money. This is why we bitcoin. https://t.co/hIK30vn1XR — Marty Bent (@MartyBent) September 18, 2025 The SBV said accounts without verified biometric data are highly vulnerable to scams. In other words, closing them is necessary to protect users and prevent abuse by fraud rings. Recent police reports showed cases where AI-driven facial spoofing helped criminals launder money through fake accounts. Account holders are now facing stricter requirements. They must provide facial biometric scans not only to register accounts but also for online transfers above 10 million VND (about $379).  Transactions over 20 million VND (or $758) require extra checks. Vietnam’s Push Toward a Cashless Economy The closures are part of Vietnam’s plan to promote digital payments. The SBV said non-cash transactions hit $11.57 trillion last year, which is more than 26 times the national GDP.  Mobile banking and QR code payments saw growth…