Vietnam is reportedly closing 86 million bank accounts that failed to comply with a facial biometric authentication mandate. Starting on September 1, these closures are part of a broader strategy aimed at preventing fraud and money laundering. Affected customers must appear in person to update their biometrics or risk account closure. A Reddit user highlighted the absurdity of needing to travel to the country for this update, pointing out that remote solutions are not available. Bitcoin advocates argue that such government controls underscore the necessity for decentralized financial systems like Bitcoin to protect individuals from state overreach. The initiative was launched in response to increased fraudulent activities, including an AI-powered money laundering operation uncovered earlier this year. However, some local sources suggest that most impacted accounts belong to inactive users, downplaying the crisis. Industry experts stress that measures like these may become more common as governments seek tighter control over financial transactions.

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