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 bullion must be stored in accredited depositories and can be used as backing for electronic transactions. Additionally, it 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.

Furthermore, the bill specifies that the Chief Fiscal Officer of the State will create rules to implement these provisions, including vendor payment options and the security of transactional gold and silver. It also ensures that the exchange of legal tender types will not incur tax liabilities and that the purchase or sale of specie will not be taxed. The bill aims to modernize the use of precious metals in financial transactions while providing a regulatory framework for their use in electronic payment systems.