A LETSystem is a local trading network supported by its own internal currency. It is self-regulating and allows its users to manage and issue their own 'money supply' within the boundaries of the network.

The key points include:

* co-operation: no-one owns the network.
* self-regulation: the network is controlled by its users.
* empowerment: all network users may 'issue' the 'internal currency'.
* money: money, as a means of exchange, is an integral feature.

LETSystem recording services keep track of transactions and issue statements of LETSystem trading.