Digital Currencies in Sharia Islamic Law and Its Impact on The Islamic Economy

Abstract

This research dealt with studying the concept of digital currency and all its types with those characteristics which have spread among people as a result of the development of technology in the economy and electronic commerce, in light of the objectives of Islamic law on the Al-Qur’an, As-sunnah, and ulama’s judgment. It describes that the basic Islamic principle in all transactions with the modern digital currency is permissible unless there is something that prohibits it, as found in some cryptocurrency and e-wallets. This currency has advantages and risks that affect the Islamic economy positively and negatively, especially in the money issuance several monetary, electronic commerce, contemporary exchange, and in the field of investment.