“You’re going to have a financial panic of unprecedented proportions,” warns Jim Rickards, NY Times bestselling author, referring to the risks posed by stablecoins and unregulated digital assets enabled by the Genius Act. He points to Vietnam’s mandatory biometric IDs and mass account freezes as a “trial run” for centralized digital control, and cautions that similar systems could make it easy for governments to monitor, freeze, or confiscate money. “The time will come when people want their money back. The best definition of a financial crisis I’ve ever heard is everybody wants his money back,” he states, calling for a run on banks accelerated by AI. stablecoin holders, he explains, will sell treasuries to redeem their cash, potentially triggering a market freeze and unprecedented turmoil in the financial system.
“Vietnam just froze 86 million bank accounts because account holders didn’t comply with new biometrics laws that require a face scan or fingerprint for account verification,” wrote Marty Bent. “If users don’t comply by the 30th they’ll lose their money. This is why we Bitcoin.” Source: https://www.livebitcoinnews.com/vietnam-closes-another-86-million-bank-accounts-a-week-after-thailand-froze-3-million/