Canberra LETS Trading Club Inc. was formerly known as QBC LETS. The name was formally changed in early 2004 to more clearly reflect the location and purpose of the organisation.
Canberra LETS Trading Club Inc. is a not-for-profit Australian Association incorporated under the ACT Government’s Associations Incorporation Act 1991 as QBC LETS. It is a Local Energy Trading System, operating in the Canberra region of Australia, to provide an information network for members to trade their skills, goods and services using an internal community currency called QBs.
Canberra LETS Trading Club Inc. is not a barter system where you engage in direct exchange with one other person; e.g. your spinach for your neighbour’s peaches.
Canberra LETS Trading Club Inc. gives you the opportunity to exchange your goods for things your neighbour may not have, e.g. you trade your spinach to a member who needs spinach for which you receive a QBs credit.
You can then exchange this credit for someone else’s computer skills, who can then exchange the credit you have given them for a neighbour’s peaches, who can then trade for someone else’s surplus paint …
And so on it goes, in a circle of enrichment for all members.
The exchange is carried on by means of a Canberra LETS Trading Club trading slip. When you trade for computer skills you give the member a trading slip, which is sent to the Canberra LETS Trading Club Inc. office to be entered on the two trading accounts; you as the service receiver – a debit and the other member as a service giver – a credit.