LETSystem
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A LETSystem is a community currency based on specific criteria. The term LETSystem is also a service mark held on behalf of the community currency development community by the LETSystem Trust.
The criteria making a community currency a LETSystem are:
Cost of service: Administration is paid for on a cost of service basis.
Consent is required by both parties to a transaction. From this it follows that new accounts start at zero.
Disclosure: Account holders are able to know the balance and turnover of other account holders whom they may consent or decline to trade with.
Equivalence: For the purpose of nominal valuation of the local accounted unit of exchange and for the practicality of business and tax accounting, equivalence is maintained to the national currency.
No interest or commission: In accordance with the community, and not for profit basis of the system, administration is paid for based on the cost of service of providing an information service. In the event of the cost of development being in excess of what a small-scale LETSystem can support, development funding of LETSystems is carried out in accordance with LETSystem Trust agreements.
External links
- LETSystem (http://www.gmlets.u-net.com/)
- LETSystem Trust agreements and documents (http://www.letsystem.org/)