The United States dollar, a fiat Ponzi scheme that has ruled the world for far too long, is on its last legs. And Putin, speaking at the recent BRICS business forum, says that the new scheme will offer a reliable alternative for transacting internationally.

"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out," Putin said.

Earlier in the year, the BRICS countries indicated that they are working on setting up a new joint payment network to phase out Western financial systems like SWIFT.

"The BRICS countries have been also boosting the use of local currencies in mutual trade," reported Dipanjan Roy Chaudhury from The Economic Times.

Will BRICS countries be successful in their endeavors?
According to the Chinese state-owned media outlet South China Morning Post, the BRICS meeting also included discussions about a new free-trade deal to go along with Putin's proposed new world reserve currency.

"To build a free-trade agreement is a very important means to tape this trade potential, which China is willing to discuss with other BRICS countries," said Wang Shouwen, China's vice-commerce minister.