 It has been criticized by smaller companies to favor established institutions, and Chinese bitcoin exchanges have complained that the rules are "overly broad in its application outside the United States".In February 2015 the ECB concluded "Virtual currency schemes, such as Bitcoin, are not full forms of money as usually defined in economic literature, nor are virtual currencies money or currency from a legal perspective.Nevertheless, Virtual currency may substitute [for] banknotes and coins, scriptural money and e-money in certain payment situations".