A world where people own their money.

What do you mean, don't we own our money already? Well, with the technology available today, it should be free, instant, and borderless. But it isn't, is it? Instead, its expensive, slow, clunky, and frustrating. The reason this is the case is that we do not actually own our money. Banks and governments own and control it.

Mosendo envisions a world where money can be sent across the room or across the world as easily and quickly as an instant message. For this to happen, control of money needs to be taken back from the financial institutions and regulations that currently encroach on individual sovereignty.

What would a world like this look like?

Borderless Access - The current regulations catch money along borders like a dam catches water.

The "citizenship lottery" dictates the quality of financial access that most people have. This is seen most crucially in the strength of their daily spending money. They are forced to save and transact in the currency of their nation, often with few other options.

We take borders and money for granted. Consider something as common as changing money when you cross a border. This is a minor, if somewhat costly, inconvenience. In addition to this, however, the customs agents have the right to grill us as to why we might want to carry more money than they think is appropriate.

<aside> 💥 Imagine if every time you sent an email, each country had their own rules for how long the email could be or wanted to know why you were sending it? Or if a government choose to cut the lower 20% of each email and keep it for itself? There is no way we would tolerate that! Yet, we tolerate it with our money.

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Frictionless payments - The technology exists to safely send money across the world with a single, Id-verified click. Why can't we do it?

The reason is that money transmission laws are in place "for our protection." Indeed, banks and other services like Western Union do take our money into their custody when we send it. Just as we want restaurants to have health regulations that dictate the cleanliness of their food, these rules are in place to protect us. As with many regulations, more and more have been tacked on, which in addition to monopolistic network effects, has led to money transfer fees over 5% on average.

Mosendo envisions a world where we can send money home across the world without any friction, just as we might hand it across a table.

Censorship Resistant Money

‣ dictate how much money we can move between borders and how much cash we are legally allowed to own. For example, in order to leave the USA with more than $10,000, you must declare that money or risk having it confiscated. If the government cannot determine to its satisfaction that you are an honest actor, they can confiscate the money anyway.

Conclusion

The future with decentralized, borderless money is possible. The existing financial system served a purpose for the last period of economic growth, but with recent advances in technology, it is nothing more than an outdated parasite.