While bitcoin is present throughout the world, the Asian sphere has always been in advantage, thanks to regions such as China, where bitcoin mining, trading and use has become a routine for some people. However, another country may soon rank up and start playing an important role in the future of digital currency.

With this in mind, various economic analysts believe that India may be the main source of bitcoin’s next rally. During the last couple of days, the price has seen a clear increase, especially after UnoCoin launched in India. While China still is the dominant force behind the success that bitcoin has had in Asia, India’s influence may just help the digital currency hit new heights, especially if adopted by the country’s, highly unbanked population. Reports indicate that more than half of India’s population is unbanked, thus placing the region a couple of hundred years ago, in terms of the quality and presence of financial services. This represents one of the main reasons why bitcoin and other digital currencies have such a high potential in the region, if promoted accordingly.

A new investment record has recently been set, after the Bangalore-based Bitcoin firm known by the name of Unocoin, has managed to raise a total of $1.5 million in their first pre Series-A investment round, which is a record for all digital currency-related investment rounds in India and its surroundings until now.

There are however, some controversies regarding this project. As the founder wants to find a way to scale bitcoin to the masses and facilitate adoption throughout India, many believe that this isn’t an achievable goal, considering the fact that over 50% of India’s population is currently unbanked.