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," "transactional currency," and "depository account," among others. It grants the treasurer of state the authority to issue specie and establish the transactional currency, which can be used as legal tender and transferred electronically. The treasurer may also contract with private vendors to facilitate the establishment and management of this currency.

Additionally, the bill mandates that the treasurer 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 in Ohio.