The bill amends Arkansas law regarding specie or legal tender by introducing definitions and provisions related to bullion and a precious metals-backed electronic payment system. Key insertions include the definitions of "bullion," "bullion depository," and "precious metals-backed electronic payment system," which outline the criteria for these entities and their operations. The bill establishes that a bullion depository must be accredited and comply with best practices for storing bullion, while the electronic payment system must allow for transactions backed by bullion and enable account holders to manage their bullion as currency.

Additionally, the bill clarifies that specie or legal tender can be recognized for the payment of private debts, taxes, and fees if agreed upon by the state or local government. It also stipulates that the Chief Fiscal Officer of the State will create rules to implement these provisions, including vendor payment options and security measures for transactional gold and silver. Notably, the bill removes certain language regarding the characterization of specie and legal tender for taxation purposes, ensuring that exchanges between different forms of legal tender do not incur tax liabilities.