University of Cincinnati researchers have created a Crypto Literacy Scale (CLS) to measure understanding of cryptocurrencies and related technology among consumers and policymakers. Unlike traditional financial literacy measures, there is currently no equivalent scale for crypto literacy. The researchers argue that crypto literacy is vital for informed decision-making and scam prevention. The team identified key knowledge requirements through a set of questions to demonstrate a basic understanding of cryptocurrencies.
Researchers develop crypto literacy scale to measure consumer financial awareness
