Researchers from the University of Cincinnati published a paper outlining a “Cryptocurrency Literacy Scale,” in hopes of spurring education and policies to support cryptocurrency literacy.
developed
a Crypto Literacy Scale 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.“Measuring financial literacy has encouraged policymakers and educators to create programs that improve financial decision-making and increase financial empowerment.
The researchers point out that financial literacy “also plays a crucial role in preventing scams by equipping individuals with the knowledge, skills, and confidence to make informed financial decisions.” In order to develop the CLS, the team viewed cryptocurrency literacy separate from overall financial literacy. “Cryptocurrencies may look like more traditional financial products on the surface” write the researchers, but due to the centralized nature of traditional finance, the decision-making processes learned through a normal financial literacy syllabus often don’t apply in the cryptocurrency world.
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