European International Journal of Multidisciplinary Research
and Management Studies
32
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TYPE
Original Research
PAGE NO.
32-34
DOI
OPEN ACCESS
SUBMITED
31 May 2025
ACCEPTED
29 June 2025
PUBLISHED
31 July 2025
VOLUME
Vol.05 Issue07 2025
COPYRIGHT
© 2025 Original content from this work may be used under the terms
of the creative commons attributes 4.0 License.
Social Participation in
Crypto Markets and Its
Impact on Society
Musabaev Rasuljon
Tashkent State University of Economics, 2nd year master's student,
Uzbekistan
Abstract:
The topic "Social participation in crypto
markets and its impact on society" is directly related to
modern technologies, financial innovations and digital
assets, and studies the social, economic and cultural
consequences of the active participation of members of
society in crypto markets. Within the framework of this
topic, the perception of crypto currencies and
blockchain technologies among the general public,
their impact on social equality, financial inclusion and
information literacy are analyzed. Also, special
attention is paid to the new professions and sources of
income that have arisen as a result of participation in
crypto markets, the role of young people and
technologically advanced groups. The article aims to
analyze the positive and negative social consequences
of crypto finance in a balanced way.
Keywords
: Crypto market, social participation, digital
currencies, blockchain technology, financial inclusion,
social equality, digital transformation, internet
communities,
crypto
assets,
new
economic,
opportunities.
Introduction:
Nowadays, the digital economy and a
number of related effective technologies, including e-
commerce and e-business, are rapidly entering our
lives. That is why, in order to further accelerate the
development of the state and society, the leadership of
our republic has adopted a number of important
decisions. For example, in his Address to the Oliy Majlis
on the most important priorities for 2020 dated January
25, 2020, the President of the Republic of Uzbekistan
also expressed his views on the development of the
digital economy in our country. In addition, in order to
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and Management Studies
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European International Journal of Multidisciplinary Research and Management Studies
implement the Decree of the President of the Republic
of Uzbekistan No. PF-
5349 dated February 19, 2018 “On
measures for the further development of the sphere of
information technologies and
communications”1, as
well as to create conditions for the rapid development
of modern information technologies for the
implementation of the digital economy in the state
management system in our republic, as well as to
ensure information security, the Cabinet of Ministers
adopted a Resolution on August 31, 2018 “On
additional measures for the introduction and further
development of the digital economy in the Republic of
Uzbekistan”, which defines the goals and objectives of
the digital economy, and the Resolution of the
President of the Republic of Uzbekistan No. PQ-3832
dated July 3, 2018 “On measures for the development
of the digital economy in the Republic of Uzbekistan”
can also be included in these measures.[2]
In recent years, cryptocurrencies and blockchain
technologies have led to revolutionary changes in the
global financial system. Digital assets such as Bitcoin
and Ethereum are becoming increasingly popular not
only among investors, but also among ordinary citizens,
young people, and technology enthusiasts. This process
is called “social participation” —
that is, the active
participation of the general public in crypto markets,
which significantly affects the level of financial literacy,
economic opportunities, and access to information in
society. This article examines the role of this social
participation in crypto markets and the socio-economic
changes taking place in society through it.
Cryptoassets are a rapidly growing unit in the global
financial market, as evidenced by their popularity
among private investors and companies that trade with
their cryptocurrencies on the market. All this indicates
the continued demand in the cryptocurrency market
and creates the basis for searching for new directions
for the development of digital financial assets in the
market, both globally and domestically.
Let's look at each of them. The first direction of
development may be the participation of many large
companies in transactions with crypto-assets in
Uzbekistan. The state has decided to create a
competitive crypto-platform operating in the country,
which will allow organizations to legally participate in
the processes of circulation of crypto-assets. This
interest is due to the fact that any commercial business
sets the main goal of obtaining maximum profit, so it is
always looking for a relatively stable source of financing
its activities.
For example, many companies try to participate in the
issuance of securities, as well as in the purchase and
sale of financial stock exchange assets. Therefore,
digital assets are becoming increasingly attractive as a
new means of financing. This is facilitated by the
experience of American companies that were the first
to use cryptocurrency as a means of payment and
thereby achieved incredible financial results - according
to statistical reports, after the introduction of the new
payment method, the growth in revenue was about
330%, and the growth in the customer base was 40%.
Although the world of cryptocurrencies is expanding
and gaining popularity, traditional banks are hesitant to
use these digital assets, believing that their inherent
risks outweigh the potential benefits. Banks may be
cautious with cryptocurrencies, as transactions with
these assets carry significant risks and therefore require
careful and expensive due diligence. However, digital
currencies can offer many advantages for financial
institutions and their clients, they just need to study
this market more. (K. Nazarov, 2023) At the current
stage of human development, the virtual information
and communication environment has become an
integral part of social reality, as a result of which society
has faced a new scientific research, namely the
transition from the process of informatization
(computerization) to the process of digitization.
Participation in crypto markets is expressed in several
main forms:
1. Crypto investing - ordinary citizens or small investors
buy cryptocurrencies and benefit from their growth in
value.
2. Crypto trading - actively buying and selling
cryptocurrencies in order to make a short-term profit.
3. Participation in NFT and DeFi platforms -
participation in blockchain-based projects in the fields
of art, games and financial services.
4. “Crypto communities”
- collaborative support of
projects and exchange of information on social
networks such as Telegram, Discord, Reddit.[4]
The unbanked are joining the financial system through
crypto technologies. This is especially important in
developing countries.
The crypto world is opening up new ways for young
people to start their own businesses, freelancing, and
earn money through NFTs. This is increasing
technological literacy.
Social participants are quickly aware of global financial
and technological innovations and are enriching their
knowledge and skills.
The lack of central control in crypto markets provides
participants with a freer and more democratic financial
relationship. This in many cases enhances the sense of
social justice.
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European International Journal of Multidisciplinary Research and Management Studies
Negative consequences and risks
There are many crypto-related scams on social
networks. Uninformed participants are at risk of losing
their funds.
A large number of citizens entering crypto markets do
not have a full understanding of financial risks, which
can lead to negative consequences in society.
Opportunities to use crypto technologies are not equal
for everyone. Lack of Internet access, technical means
and knowledge leaves some groups of people behind.
Many users resort to risky actions in pursuit of quick
wealth. This leads to a strengthening of the culture of
easy wealth in society.
Ways to regulate and sustainably develop social
participation
1. Increasing financial literacy:
State and non-governmental organizations should
conduct information campaigns on crypto markets.
2. Forming a legal framework:
Clear laws and regulations should be introduced to
prevent fraud and illegal activities related to crypto
assets.
3. Developing inclusive technological platforms:
Crypto technologies should be accessible and
understandable
for
ordinary
citizens.
Mobile
applications and interfaces should be simplified.
4. Forming a culture of responsible participation in
society:
Focusing on gaining knowledge and experience before
participating in crypto markets serves social stability.[5]
CONCLUSION
In conclusion, social participation in crypto markets is
creating profound socio-economic changes in society.
This process is accompanied by an expansion of
financial opportunities, the emergence of new
professions, and increased freedom of information.
However, this participation is not without risks:
financial illiteracy, fraud, and social inequalities also
exist in this area. Therefore, establishing social
participation in a healthy, sustainable, and responsible
manner is an important factor for the development of
society.
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