Local Exchange Trading Systems (LETS) are locally initiated,
democratically organised, not-for-profit community enterprises that
provide a community information service and record transactions of
members exchanging goods and services by using the currency of
locally created LETS Credits. LETS networks use interest-free local
credit so direct swaps do not need to be made. In LETS, unlike
other local currencies, no scrip is issued, but rather transactions
are recorded in a central location open to all members. As credit
is issued by the network members, for the benefit of the members
themselves, LETS are considered mutual credit systems.
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