The European Union has stepped up its efforts to regulate cryptocurrency, following the rush of investors and ever booming media interest in Bitcoin and its peers.

The UK\'s Financial Conduct Authority recently issued a series of warnings, urging investors to think twice about parting with their money and considering investing extensively in cryptocurrency. Uk authorities have urged people to be careful when considering investing in ICOs, in which investors part with cryptocurrency in exchange for a token that is representative of an investment in a business venture.

The official government body argued that people could potentially lose their entire stash by investing in initial coin offerings and highly recommended against them.

In addition, president of the European Central Bank Mario Draghi said that the key concern of European regulators was that the currency was highly vulnerable to cyber risks.

Chairman of the European Securities and Markets Authority, Steven Maijoor, also spoke out against Bitcoin, He said that if investors decided to invest their money in Bitcoin then they should brace themselves for the likely outcome that they lose it all. He argued that its value was extremely volute which undermines its potential to be taken seriously as a usable currency, going on to state that it was not widely accepted.