1. Units of Exchange
1.1. LETS units, here called StarLETS, are valued for reference only at $5 U.S. dollars each. They may not be redeemed or sold for any other unit of exchange and will not be redeemed by the First Republic LETS Bank of Talossa.
1.2. The First Republic LETS Bank of Talossa (here after First Republic or FRLBT) reserves the right to revalue or float StarLETS at any time with a warning of thirty (30) days.
2. Transactions
2.1. StarLETS may be voluntarily exchanged between Bank Members for goods, services, donations, wages, or any other approved transaction.
2.2. All transactions and accounts are open knowledge to all Bank Members.
2.3. Being a member of the Bank gives you access to the StarLETS Marketplace, however, you are not required to only purchase those things listed on the member Marketplace. Private transactions, payroll uses, government uses, etc. are acceptable, however must be reported as with any other transaction.
2.4. All transactions must reported using the online forms in the member section by all parties of the transaction. Up to 24 hours are necessary for complete transactions to be processed during normal business hours.
3. Processing
3.1. Normal business hours for First Republic are Monday through Thursday not including standard holidays.
4. New Accounts
4.1. Republic of Talossa citizens, non-citizens, organizations, companies in any country, government agencies and charities may apply for account.
4.2. All individual citizens upon opening an account will be granted 50 StarLETS.
4.3. The First Republic LETS Bank of Talossa will charge a monthly fee of 0.3% from all accounts to defer costs.
5. Future Uses
5.1. Should the Government at any point in the future choose to use StarLETS for the payment of fees, taxes or as a medium of official exchange, the First Republic LETS Bank of Talossa will comply with any and all laws.
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Email LETS Bank Steward Antonio Lixhita @ antonio [dot] lixhita [at] gmail [dot] com
What is a LETS?
From Wikipedia,
"Local Exchange Trading Systems (LETS) also known as LETSystems are local, non-profit exchange networks in which goods and services can be traded without the need for printed currency.
LETS networks use interest-free local credit so direct swaps do not need to be made. For instance, a member may earn credit by doing childcare for one person and spend it later on carpentry with another person in the same network. 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."
"Local Exchange Trading Systems (LETS) also known as LETSystems are local, non-profit exchange networks in which goods and services can be traded without the need for printed currency.
LETS networks use interest-free local credit so direct swaps do not need to be made. For instance, a member may earn credit by doing childcare for one person and spend it later on carpentry with another person in the same network. 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."