A trio of researchers from the University of Cincinnati recently developed 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 literacy “also plays a crucial role in preventing scams by equipping individuals with the knowledge, skills, and confidence to make informed financial decisions.”