"[...]all accounts without biometric data will be closed to prevent scams and fraud. After seven years of promoting non-cash payments, we are moving toward real efficiency."
There you have it.. "Scams" and "frauds", "Transparency" for thee but not for all.
I wonder if authorities will just seize money at this point.
You cannot escape your own and foreign governments at this point of human development. You can also not escape tech bullshit complicating our lifes.
It's been a slow tightening of financial transfers in Vietnam.
Not that long ago, it was all cash. Then bank transfers became more common, but it was the wild west compared to the US. You could transfer billions in VND (millions in USD) from whatever account to whatever account - nobody was keeping track. Whether a legitimate payment or a bribe, it was fine.
Then identifies were tightly linked to accounts, starting with national ID numbers and now including facial recognition. Everyone needed to get register or lose access to your bank account (you still owned it, but no online transactions allowed).
The government also put in a new law that requires transfers over a certain amount will now need to be reported as to their purpose or else they'll be considered income and taxed.
In no time Vietnam has gone from wild west to more restrictive than the West!
86M accounts in a country of 100M, that's a LOT of foreign accounts.
"[...]all accounts without biometric data will be closed to prevent scams and fraud. After seven years of promoting non-cash payments, we are moving toward real efficiency."
There you have it.. "Scams" and "frauds", "Transparency" for thee but not for all. I wonder if authorities will just seize money at this point.
You cannot escape your own and foreign governments at this point of human development. You can also not escape tech bullshit complicating our lifes.
Funny, because Scamming and frauds in my experience, does not drop at all.
It's been a slow tightening of financial transfers in Vietnam.
Not that long ago, it was all cash. Then bank transfers became more common, but it was the wild west compared to the US. You could transfer billions in VND (millions in USD) from whatever account to whatever account - nobody was keeping track. Whether a legitimate payment or a bribe, it was fine.
Then identifies were tightly linked to accounts, starting with national ID numbers and now including facial recognition. Everyone needed to get register or lose access to your bank account (you still owned it, but no online transactions allowed).
The government also put in a new law that requires transfers over a certain amount will now need to be reported as to their purpose or else they'll be considered income and taxed.
In no time Vietnam has gone from wild west to more restrictive than the West!