Bill > HB1918

This bill amends Arkansas law to establish a comprehensive framework for recognizing and using specie (gold or silver coins) and legal tender, with a particular focus on creating a precious metals-backed electronic payment system. The bill introduces several new definitions, including "bullion" (refined precious metal), "bullion depository" (a secure vault facility for metal storage), and "precious metals-backed electronic payment system" (an electronic transaction platform that uses bullion as backing). The legislation allows state and local governments to accept gold or silver as payment for taxes and fees if they agree, and provides tax exemptions for exchanges of legal tender or specie. The bill requires the Chief Fiscal Officer to create rules for implementing this system, including guidelines for vendor payment options, transaction security, account costs, and fraud prevention. Notably, the law stipulates that specie shall not be considered personal property for taxation purposes and that no one can be compelled to accept specie as legal tender. The bill aims to provide a legal and regulatory structure for using precious metals in financial transactions, offering an alternative to traditional currency and creating a framework for a state-sanctioned precious metals-based electronic payment system.