The proposed bill aims to establish a transactional currency in Ohio based on gold and silver held in an approved bullion depository, as defined in the newly enacted sections 113.81 to 113.90 of the Revised Code. The bill outlines the definitions of key terms such as "approved bullion depository," "bullion," "depository account," and "transactional currency." It grants the treasurer of state the authority to issue this currency and to contract with private vendors for its establishment. The transactional currency will serve as legal tender and can be transferred electronically, reflecting the exact fractional troy ounce measurement of the physical bullion held in the depository.

Additionally, the bill mandates that the treasurer of state hold all specie and bullion in trust for the currency holders and maintain sufficient reserves for redemption. It details the processes for purchasing and redeeming the transactional currency, including the establishment of fees to cover administrative costs. The treasurer is also empowered to adopt rules to ensure the security of the currency and prevent fraud. Overall, the bill seeks to create a state-backed currency system that leverages precious metals, enhancing the financial options available to residents and entities within Ohio.