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The first official portrait of King Charles was unveiled at a ceremony at Buckingham Palace this week, but the striking artwork has received a mixed reaction online.
One X user likened the image to the toughest boss in FromSoftware’s action RPG Elden Ring and it’s not difficult to see why.
On Tuesday (May 14), the monarch stood alongside Queen Camilla and the artist, Jonathon Yeo, to pull down a massive drape which had covered the portrait for the reveal. The painting, his first as King since his coronation last year, depicts Charles in the crimson uniform of the Welsh Guards, but it is overlayed by further, plentiful strokes of red hues.
Yeo described his creation with the inclusion of the butterfly as a “symbol of metamorphosis and rebirth,” also intended to provide “a visual contrast to the military steeliness of the uniform and sword”.
A butterfly is prevalent on the King’s shoulder, but that is another detail only visible from close range in what is a complex, layered design. This is not a traditional royal portrait which is why it lends itself to the realms of gaming.

King Charles III unveils first official portrait since coronation, receives mixed responsehttps://t.co/c5hGiRu6Gw pic.twitter.com/z8hxaHJCJV
— TIME (@TIME) May 15, 2024

King Charles’s portrait reaches to Dark Souls III
Away from the pleasantries and the pageantry, the reaction from some in the gaming world was less than complimentary or flattering.

New Elden Ring art just dropped pic.twitter.com/WjgvYEMq0e
— Josh Scherr (@joshscherr) May 14, 2024

Another X user stated the portrait wouldn’t look out of place in Doom’s classic picture walls, while there was a different, recollection of Bethesda Softworks’ stealth action-adventure game Dishonored, with the King’s portrait stolen by Corvo, and worse.

https://t.co/wrMZQHYqwH pic.twitter.com/hqeEXopvwj
— Andrey Mironov (@andrey_magnus) May 15, 2024

Kotaku stated, ‘Most have noted the similarities to Elden Ring’s Volcano Hall, which similarly prominently displays a portrait of a creepy ruler. To be frank, the painting resembles the painting world of Ariandel from Dark Souls III, and looks like a gateway to DLC for FromSoftware’s games.” 
Image credit: Royal Family/X
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In a recent development, Chinese police have uncovered a massive underground banking racket in the city of Chengdu, involving the popular stablecoin Tether (USDT). The illegal operation, which facilitated the exchange of foreign currencies, is estimated to be worth around $1.9 billion.
The news comes just days after reports that Chinese authorities shut down another very similar operation that facilitated illegal currency exchange between the Chinese yuan and South Korean won, using cryptocurrency as a medium.
According to a media report issued by the Chengdu city police, 193 suspects across 26 provinces have been arrested in connection with the underground banking operation. The authorities also successfully dismantled two related operations in Fujian and Hunan provinces. Additionally, the police froze 149 million yuan (approximately $20 million) linked to the illegal USDT banking activities.
Circumventing China’s Crypto Ban
The underground banking operation reportedly began in January 2021 and was primarily used to smuggle medicine, cosmetics, and investment assets overseas. Despite China’s comprehensive ban on crypto-related activities, Chinese traders continue to find ways to circumvent the prohibition and utilize crypto assets through alternative means.
A report by Kyros Ventures reveals that Chinese traders are among the world’s largest stablecoin holders, with 33.3% of Chinese investors holding multiple stablecoins, second only to Vietnam’s 58.6%.
In recent years, the Chinese government has implemented a series of bans on cryptocurrency use, exchanges, and Bitcoin mining operations. However, the local population has consistently found ways to evade these restrictions.
Following the Bitcoin mining ban, China’s contribution to the Bitcoin network hash rate initially dropped but surprisingly rose to second place within a year, despite the ban. Similarly, after the country banned centralized exchanges, Chinese traders shifted their focus to decentralized exchanges and significantly increased their use of decentralized finance-based protocols. Some traders have even resorted to using virtual private networks to defy the ban.
Despite Chinese authorities largely hostile to crypto, some local developments still happen in the industry. Hong Kong fund managers sought approval for spot Bitcoin and Ethereum ETFs in mid-April, they saw them be approved just days later. Earlier this month, both those products became available on the local stock exchange.
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Bitcoin (BTC) experienced its most significant single-day gain in nearly two months on Wednesday, surging over 7.5% to reach $66,250.
The development follows recent reports that El Salvador’s Bitcoin holdings reached 5,750 BTC — worth over $378 million as of press time. Twitter founder Jack Dorsey recently predicted that Bitcoin will hit $1 million within the next six years.
The rally, which marks the largest percentage increase since March 20, comes as weak U.S. economic data has raised the likelihood of the Federal Reserve (Fed) joining other advanced nations in easing monetary policy through rate cuts during the summer months.
The U.S. Labor Department reported that the consumer price index (CPI) increased less than expected in April, signaling a renewed downward shift in the cost of living. The headline CPI rose 0.3% last month, following advances of 0.4% in March and February. Core CPI, which excludes food and energy prices, also rose 0.3% in April after a 0.4% increase in March. Additionally, retail sales growth stalled in April, with sales in the “control group” category, which contributes to GDP calculation, declining 0.3% month-on-month.
These lackluster economic indicators have significantly shifted rate-cut expectations. Fed funds futures indicate that traders anticipate the Fed to implement the first 25 basis point rate cut in September. The Fed has also signaled its intention to slow the pace of quantitative tightening, another liquidity tightening tool, starting in June.
A global shift
The Fed is not alone in this shift towards monetary easing. Markets expect the Bank of England (BOE) and the European Central Bank (ECB) to cut rates in June, while the Swiss National Bank (SNB) and Sweden’s Riksbank have already reduced their benchmark borrowing costs.
The growing trend of central banks worldwide pivoting towards renewed monetary or liquidity easing is a positive sign for risk assets, including cryptocurrencies. According to data from MacroMicro, the percentage of global central banks whose last move was a rate hike is falling rapidly, while the percentage of banks with rate cuts as their last move is on the rise. This suggests that the net percentage of central banks cutting rates is increasing, which could help improve market liquidity.
As the prospects for liquidity easing over the summer grow, equities are likely to find support, providing investors with the confidence to remain further out on the risk curve, according to broking firm Pepperstone.
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International Monetary Fund (IMF) chief Dr Kristalina Georgieva has warned of an artificial intelligence (AI)  “tsunami” that could make a significant impact on the international labor market.
The head of the IMF was speaking at an event organized by the Swiss Institute of International Studies when she opined that 6 of every 10 vacancies in advanced economies could be affected.
As originally reported by Reuters, Georgieva’s stern assessment indicated the force could be felt within the next two years, “We have very little time to get people ready for it, businesses ready for it,” she said.
“It could bring a tremendous increase in productivity if we manage it well, but it can also lead to more misinformation and, of course, more inequality in our society.”
Balance and resilience will be key to the upcoming challenge, as workers adapt and upskill to meet the challenges and opportunities presented by AI. In recent years, the massive all-encompassing impact of the pandemic provided a great example of how industry can deal with severe disruption and emerge from the other side.
Incoming threats and opportunities presented by AI
A recent survey conducted by Microsoft revealed around 50% of workers share a concern that AI will impact their job security.
The 2023 Annual Work Trend Index polled 31,000 respondents from 31 countries and despite the lingering fear,  75% of workers now use AI in the workplace, with a feeling that the technology is a great tool at times of stress and high intensity to allow them to concentrate on the imperative tasks.
More than three-quarters of those questioned bring their own AI resources to work.
Meanwhile, Amazon has increased the number of robots working in its fulfillment centers, from 350,000 in 2021 to 750,000 by the middle of 2023.
Scott Dresser, VP of Amazon Robotics commented on how robots are creating opportunities for employees, challenging perceptions of the threat posed to workers by artificial intelligence.
“Over the last 10 years, we’ve rolled out hundreds of thousands of robotics systems while also creating hundreds of thousands of new jobs within our operations. This includes 700 categories of new job types, in skilled roles, which didn’t exist within the company beforehand.”
These examples correlate with the warning from IMF chief Georgieva, showing that the evolution of the workplace can be harnessed, but there are still significant risks posed by AI. Governments and big tech will need to find consensus on regulation if the tsunami is to be weathered.
Image credit: Ideogram
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