This thesis aimed to define the concept of digital virtual currency and cash, its importance, explain its risks, and how to use and regulate it in accordance with Islamic law, while focusing on the dimensions of electronic exchange of digital and virtual currencies, which are considered among the most important products of financial engineering in the capitalist system. It evaluates them from a religious and jurisprudential perspective and seeks a legitimate alternative to prohibited contracts, ensuring the legitimacy of those alternatives. It also examines the hedging tools in contracts for electronic trading in terms of its nature and its Islamic legal ruling, through the researcher adopting a qualitative and descriptive analytical approach. In this study, opinions of both the prohibitors and permitters were gathered by presenting evidence from each side. The qualitative approach was utilized through a structured interview tool with several scholars of Islamic economics and Shariah in Islamic institutions and universities in Jordan and Palestine. In this study, we will seek to explore the concept of digital virtual currency and how it is electronically traded, the implications of its issuance, and the economic effects it produces, as well as determine the Shariah controls regarding its exchange and trading in accordance with Islamic law. The study indicates that Islamic law did not stipulate a specific form for money but focused on achieving its functions fully. It was found that digital currency, in all its types, has not met the conditions.