Every year at this time, the specter of a suspension of bank transfers during the Christmas period causes a stir on social media. This is a reality that requires some clarification, and which also highlights the unparalleled availability of cryptocurrencies and other stablecoins.
Interbank transfers suspended between December 25 and 28
The traditional banking system is more like a lockdown system than a genuine organization designed to enable the smooth and open flow of money, largely reinforced by the monetary determinism imposed on populations in different jurisdictions around the world with local currencies.
In fact, their customers cannot freely dispose of funds they hold above certain amounts and sometimes have to wait a whole weekend before seeing a standard interbank transfer arrive in their bank accounts, unless a public holiday further extends this deadline.
A final situation that occurs every year during the Christmas period, when the French Banking Federation announces the closure of the payment settlement systems operated by the European Central Bank (ECB), scheduled for 2025 between December 25 and 28.
Four days without transfers is bound to cause a reaction at a time when French people are spending a fortune. However, this year will be very different, as since January, instant transfers have been mandatory and free of charge in all banks, 24 hours a day, 7 days a week.
Only standard interbank transfers are affected. Instant transfer services, such as “Wero” for example, remain operational during periods when payment systems are closed. Internal transfers (payer and payee) within the same bank also work.
French Banking Federation
A problem that does not affect cryptocurrencies
Nevertheless, Europe remains a fairly fluid area in terms of banking operations, compared to other countries such as the United States, where thousands of banks have to contend with an infrastructure based on federal and state jurisdictions that can interfere with each other.
This system results in significant fees—sometimes tens of dollars—for standard transfers without a cross-border dimension, with delays that can stretch to 48 hours, not including closing periods.
All these complexities and frictions point to the potential for the development of stablecoins, which are available at all hours and involve fees of no more than a few cents, just like Bitcoin, with the added value of decentralization and freedom from censorship.
It is easy to understand why some banking players are currently trying to block their path in order to maintain their stranglehold on this sector, while a consortium of 10 European banks is organizing itself to launch a euro-denominated stablecoin that complies with the MiCA regulation, scheduled for early 2026.
