A team of researchers from the University of Cincinnati has developed a Crypto Literacy Scale (CLS) to measure economic and financial knowledge related to cryptocurrencies. The scale aims to bridge the gap between traditional financial literacy and crypto literacy, promoting education and preventing scams. Financial literacy plays a crucial role in equipping individuals with the knowledge and skills to make informed financial decisions. The CLS evaluates respondents’ understanding through 10 questions, focusing on the unique aspects of cryptocurrencies. While financial literacy has been steadily increasing, crypto literacy remains relatively low, with only 4% of US respondents considered literate in cryptocurrencies.
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