Local Exchange Trading System (LETS)

A Local Exchange Trading System (LETS) is a community-based mutual credit network where members trade goods and services using a local, virtual currency rather than traditional money. Participants earn credits when they provide services or sell items to others, and spend credits when they purchase from the community. This system promotes local economic activity, reduces reliance on cash, and supports resource sharing within the community. LETS often operates through a computerized or written ledger, facilitating fair, transparent transactions and fostering a sense of cooperation among members.