A /31 mask (255.255.255.254) is valid per
RFC 3021 for point-to-point links, it sounds like your connection fits this definition. Your router has no need of a broadcast address for WAN connectivity, just routing to your provider's network, so a /31 is suitable.
Some more details about your connectivity provider would be useful. What is your deployment scenario? Has your ISP fitted an Internet connection presented as Ethernet, is it a PPPoE/VLANned connection for which you have to enter connection authentication details on the Draytek, or is it something else like an EFM/managed network or MWAN/VPLS?
The Draytek is possibly complaining because its network address validation probably doesn't expect a /31 on the WAN. It is possibly validating the IP and netmask based on classful addressing - where networks had more clearly defined 'boundaries'. Nowadays something called CIDR (Classless Inter-Domain Routing) allows more efficient usage of IP addresses through what is called Variable Length Subnet Masking.
https://www.auvik.com/franklyit/blog/classful-classless-addressing/
I'm slightly puzzled if you're using a Vigor 2860, because those are primarily marketed as ADSL/VDSL routers. I understand the 2862, 2865 and 2866 can support networks like FTTP using the WAN2 port and some configuration (
https://www.draytek.co.uk/support/guides/kb-fttp-wan-setup has a decent set of instructions if you've not seen them already). Have you spoken to Draytek to see what they make of your configuration?
I would expect in your scenario, once you've entered the IP, netmask and gateway IP then done any required Draytek reboots, that you'd be able to ping the .68 gateway IP from the Draytek. Go to its web interface, choose Diagnostics then Ping Diagnosis. (PDF of the manual at
https://www.draytek.co.uk/support/downloads/vigor-2860/send/344-vigor-2860/1062-v2860-ug-v45 )
You likely won't be able to ping the gateway from your PC as Windows has always had issues with /31 nets, but provided the connection comes up correctly you should be able to ping things on the wider internet like 8.8.8.8 or 1.1.1.1 from a command prompt.
For the sake of comparison, I have a Gigabit fibre connection which presents as an Ethernet socket in my house. My ISP assigns me a static WAN IP with a 255.255.255.248 netmask (a /29) - more common by convention, but less efficient as it 'wastes' IP addresses in the subnet due to reservation for things like a broadcast address (not used in this scenario).