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Local Exchange Trading System

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Overview Edit

A Local Exchange Trading System (LETS) is

a locally organised economic organisation that allows members to exchange goods and services with others in the group. LETS use a locally created currency to denominate units of value that can be traded or bartered in exchange for goods or services. Theoretically, bitcoins could be adopted as the local currency used within a LETS.[1]

References Edit

  1. Virtual Currencies: Key Definitions and Potential AML/CFT Risks, at 7.

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