The proposed bill aims to establish a transactional currency in Ohio based on gold and silver held in a state-approved bullion depository. It introduces new sections (113.81 to 113.90) to the Revised Code, defining key terms such as "approved bullion depository," "bullion," "transactional currency," and "depository account." The bill empowers the treasurer of state to issue this currency, ensuring it can be used as legal tender and transferred electronically. It also allows the treasurer to contract with private vendors for the establishment and management of the currency system, with a preference for vendors based in Ohio.

Additionally, the bill outlines the responsibilities of the treasurer in managing the transactional currency, including maintaining sufficient bullion for redemption and establishing accounts for currency holders. It specifies the process for individuals or states to purchase or redeem the currency, as well as the fees associated with these transactions. The treasurer is also tasked with adopting rules to ensure the security of the currency and prevent fraud. Overall, the legislation seeks to create a new form of currency backed by tangible assets, enhancing the state's financial system.