India's Election Results Underwhelm Modi's Party, Sending Stock Markets Crashing and Crypto Legislation Further into the Future
India's ruling party, led by Prime Minister Narendra Modi, received a smaller share of votes than predicted in the recent election, causing stock markets to plummet. While Modi's party and its allies are expected to return to power, they did not reach the supermajority mark they had hoped for, giving kingmaking power to their allies. Crypto was not a significant issue for voters during the campaign, and the election results are not expected to immediately affect crypto policy in the nation. Plans for comprehensive crypto legislation are likely to be delayed as the government focuses on solidifying a governing coalition.
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