Venezuela Watch: Maduro to 'review' bilateral relations, cryptoassets law published

Venezuela's government said it would review bilateral relations with foreign nations after several European states officially recognized Juan Guaidó as interim president.

The move by Caracas comes after an ultimatum for President Nicolás Maduro (pictured) to call a new election expired.

Among those joining the US in recognizing Guaidó were the UK, Spain, Germany and France.

British foreign secretary Jeremy Hunt said in a tweet: "Nicolas Maduro has not called Presidential elections within 8-day limit we have set.

"So UK alongside European allies now recognises @jguaido as interim constitutional president until credible elections can be held. Let's hope this takes us closer to ending humanitarian crisis."

ALSO READ: Guaidó outlines economic recovery plan for Venezuela

Maduro is accused of running the country as a dictatorship and driving its economy into the ground.

Guaidó swore himself in as Venezuela's acting leader in January, citing three articles of the constitution to affirm Maduro's illegitimacy. His declaration was immediately backed by Washington and several Latin American countries, including Brazil, Colombia and Argentina, as well as Canada.

A statement posted by foreign minister Jorge Arreaza slammed those recognizing Guaidó - head of the opposition-controlled national assembly - adding that it would review bilateral relations with the nations until "a rectification that discards their backing of coup plans" is made. The statement urged European nations to "follow the path of moderation."

China and Russia, which have pumped billions of dollars in loans and investment into Venezuela, have backed Maduro.

Facing unprecedented international pressure to step down - including from most major LatAm nations - Maduro says Guaidó's claim to power represents an attempted coup backed by the US.

Maduro was sworn in to office for a second six-year term on January 10, amid mounting international condemnation as the election was considered to be rigged.

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Venezuela has published new legislation governing the cryptoasset industry in the country.

The rules were approved by the country's pro-government constituent assembly.

Application of the law will be overseen by cryptoasset agency Sunacrip, website Cryptonoticias reported.

The law is focused mainly on exchange houses, cryptocurrency mining and blockchain technology development, it said, adding that certain players will be required to register on a central database.

Sanctions and powers of regulatory authorities are also laid out.

Venezuela's government has launched its own cryptoasset, the Petro.