Researchers develop Crypto Literacy Scale to measure consumer financial awareness
This could help raise cryptocurrency education, insulate consumers against scams, and increase the potential for wealth generation in crypto. A trio of researchers from the University of Cincinnati recently develop ed a Crypto Literacy Scale (CLS) to help standardize and measure economic and financial knowledge as it relates to consumer and policy-maker understanding of cryptocurrencies and related technology. The team’s research paper, titled “Measuring Crypto Literacy,” details the gap between traditional financial literacy and crypto literacy and the need for a Crypto Literacy Scale and policies that will support cryptocurrency education and literacy efforts worldwide. According to the paper: “Measuring financial literacy has encouraged policymakers and educators to create programs that improve financial decision-making and increase financial empowerment. However, there is no similar corresponding scale to measure crypto literacy." The researchers point out that financial l...