Vietnam Bank Account Closed: 86M Profiles Deleted in SBV Cleanup

How Could Vietnam Bank Account Closed Lead Citizens to Explore Crypto?

What’s the news? 

Vietnam bank account closed over 86 million banking profiles starting September 1, 2025. This move by the Vietnam bank has been taken after account holders failed to comply with new biometric verification rules or left their accounts inactive for a long time. 

Currently, the country has about 200 million bank-accounts but only 113 million personal and 711,000 organizational accounts are fully verified.

Why Is Vietnam Closing Bank Accounts?

Many of the reserve accounts of the nation being deleted, were either inactive, unregistered or possibly created for scamming purposes. This mass cleanup allows financial transactions to be more secure and banks can better monitor suspicious activity.

For citizens it also means that having access to cash or banking services is becoming more dependent on compliance with strict identity rules, including facial biometric checks. 

The State Bank of Vietnam (SBV) says this move is aimed at preventing fraud, money laundering and cybercrime while cleaning up the banking system and taking strict steps. 

Potential Problems After Mass Account Closures

• Financial exclusion: Rural and low-income people may lose access to the banking system. 

• Emergency fund issues: In urgent situations, people might face problems withdrawing their own money. 

• Families relying on money from abroad could face delays or blocks. 

• Impact on small businesses and firms could be seen. 

• Sudden closures could reduce public trust in traditional banks.

• More people might turn to cash or informal markets, raising fraud risks. 

• Many could explore Bitcoin and stablecoins as safer and borderless options. 

With banking becoming more regulated and some accounts being closed unexpectedly, Daniel Batten, Bitcoin analyst recently shared on his X, he also thanked SBV for the step and pointed towards free Bitcoin Marketing. 

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How do Vietnamese bank account closing push people toward crypto? 

With banking becoming more regulated and some accounts being closed unexpectedly, people might start considering cryptocurrencies as an alternative:

• While crypto prices could fluctuate, digital assets provide better growth opportunities than traditional saving bank accounts which often offer low interest rates. 

• Unlike traditional banks the crypto-wallets allow the users to fully control their own money without requiring physical presence or biometric updates. 

• Decentralized Digital assets are borderless, people can send, receive and hold assets anywhere without relying on a local bank branch. 

Although, it could also be risky for the beginners, a deep research and guidance can give a way to this shift from traditional to decentralized.  

Vietnam’s Evolving Crypto Regulation

The country is taking legal steps towards digital assets. The Digital Technology Industry Law, effective January 2026, provides a framework for crypto use and encourages blockchain innovation.

A five-year pilot program is also underway that will allow licensed exchanges and service providers to operate under clear rules. Like the UAE has taken the step, no taxes on all crypto transactions. Many countries are adopting and taking concerns for the decentralized world. 

Although crypto is legal in Vietnam, the State Bank of Vietnam says cryptocurrency is not a legal means of payment. These measures show that the country is preparing for regulated crypto adoption, balancing innovation with security.

What’s next in the Future of Finance

As the Indian government started taking steps for cybercrimes in digital assets, the Vietnam government tightened banking regulations and cryptocurrency became a more attractive alternative for financial autonomy. 

However the authorities are likely to introduce stricter rules for crypto as adoption grows, ensuring fraud and cybercrime are minimized. For citizens, staying informed and cautious is key to navigating this new digital financial landscape.