About this work
Examines how foreign exchange rationing and regulatory access shape digital dollar activity in Bolivia. The paper documents expanding activity and supervisory reporting after the June 2024 policy change, with Argentina and Cambodia as contrasting cases.
Forthcoming in the Journal of Financial Market Infrastructures, September 2026. The analysis combines central bank platform surveillance, supervisory reporting, bank balance sheets and monthly market data. It distinguishes increased observability from a causal effect on the parallel exchange-rate premium: the regression results provide supporting evidence, not a causal estimate.
Cite this work
Jonathan M. Fortun Vargas (2026). Foreign Exchange Rationing, Digital Dollar Access, and Regulatory Observability: Evidence from Bolivia. Journal of Financial Market Infrastructures.