According to Cointelegraph, three researchers from the University of Cincinnati in the United States recently developed a cryptocurrency literacy scale (CLS) to help standardize and measure economic and financial knowledge related to consumers' and policymakers' understanding of cryptocurrencies and related technologies. The research team's paper "Measuring Cryptocurrency Literacy" details the gap between traditional financial literacy and cryptocurrency literacy, as well as the need for a cryptocurrency literacy scale and policies that support global cryptocurrency education and literacy efforts. The researchers pointed out that financial literacy also plays a vital role in preventing fraud because it provides individuals with the knowledge, skills, and confidence to make informed financial decisions. In order to develop the CLS, the research team looked at cryptocurrency literacy separately from overall financial literacy. The researchers said that although cryptocurrencies look like more traditional financial products on the surface, due to the centralized nature of traditional finance, the decision-making process learned through normal financial literacy courses is generally not applicable to the field of cryptocurrency.