This study investigates the conceptual, legal, and ethical dimensions of cryptocurrencies, e-currencies, and other virtual legal tenders from an Islamic perspective, with a focus on both classical jurisprudence (fiqh) and contemporary scholarly discourse. The objective of the research is to evaluate the Shariah compatibility of these digital financial instruments and to examine how they align or conflict with the principles of Islamic commercial law (fiqh al-muʿāmalāt). Employing a mixed-methods approach, the study combines textual analysis, case studies, and critical reviews of scholarly opinions to explore the multifaceted challenges these currencies present. Findings reveal that while digital currencies offer opportunities for transparency, financial inclusion, and technological innovation, they also raise concerns regarding riba (interest), gharar (excessive uncertainty), and maysir (speculation) which are prohibited in Islam. The study highlights a divergence among scholars: some advocate for conditional permissibility based on utility and ethical usage, while others caution against their speculative nature and regulatory ambiguities. The research concludes by recommending informed ijtihād (independent legal reasoning), interdisciplinary collaboration, and the development of a Shariah-compliant framework for evaluating digital financial tools in the evolving global economy.

Keywords: Cryptocurrency, e-currency, blockchain technology, Shariah, Money.