Faustin-Archange Touadéra , the president of the Central African Republic (CAR) announced the formation of a 15-member committee tasked with developing a complete legal framework for the usage of cryptocurrencies. According to an official statement issued by the CAR cabinet, the committee has already begun its work and will keep the government updated on a regular basis.

The committee consists of 15 specialists from several government departments. The ministries participating in the committee include the Ministry of Mines and Geology, the Ministry of Water, Forests, Hunting and Fishing, and the Ministry of Agriculture and Rural Development. It is expected to develop a legal framework that will assist the CAR in reaching its objective of being a worldwide known blockchain technology-embracing country. President Touadéra, whose country was the first in Africa to adopt bitcoin, posted a communiqué describing his country's vision as well as the several government agencies that have assigned experts to the committee in a Twitter update.

According to the announcement, the framework will allow cryptocurrencies to operate in the country. The country wishes to develop the path for further cryptocurrency usage. Touadera praised the technique as a unique chance for economic and technological progress in a tweet.

The Touadéra government's coin offering faced a severe setback when a constitutional court decided that the idea to grant sango coin holders citizenship was illegal. Despite these setbacks, the CAR leader's government has vowed to continue its work. Meanwhile, the CAR government stated in the statement that the committee is already at work and will provide monthly progress updates.

Countries across the world moving forward with crypto legislation 

The Central African Republic legalized bitcoin in April and intends to float its sango cryptocurrency on exchanges later this year. The European Union is poised to vote in April on the Markets in Crypto Assets law, a broad measure with a heavy emphasis on stablecoins. The United Kingdom is set to release a consultation document in the coming weeks, and U.S. Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) have sponsored a crypto bill to combat money laundering.