Bill > HB206

This bill establishes a new transactional currency system in Ohio based on gold and silver bullion, allowing residents and other states to purchase, hold, and exchange currency backed by precious metals. The bill defines key terms like "bullion" (precious metals formed into uniform shapes), "specie" (coins of uniform shape and content), and "transactional currency" (electronic representation of actual metal holdings). The Ohio Treasurer of State would be responsible for issuing this currency, working potentially with private vendors, and maintaining a trust account in an approved bullion depository to hold the physical gold and silver. Individuals or states can purchase the transactional currency by either paying money to buy new bullion or designating existing bullion in the depository, with each currency unit representing a specific fraction of a troy ounce of gold or silver. Account holders can redeem their currency for U.S. dollars or physical bullion, with the treasurer charging fees to cover administrative costs. The bill includes provisions to ensure security, prevent fraud, and protect the privacy of account holders. Notably, the funds and bullion held in this system would be kept outside the state treasury and not subject to legislative appropriation, providing additional financial security for participants.

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https://www.legislature.ohio.gov/legislation/136/hb206