Following the inauguration of Nicolás Maduro on Jan. 10, the Venezuelan opposition to his presidency organized, in conjunction with the National Assembly, to ignore the government that assumed power via elections considered "fraudulent."

Today, at a peaceful demonstration, the president of the Assembly, deputy Juan Guaidó, was sworn in as the country's president, promising to begin "a transition process."

"Before almighty God, Venezuela, I swear to formally assume the powers of the National Executive as president in charge of Venezuela to achieve the cessation of usurpation, a transition government, and free elections," Guaidó told those attending the rally.

Guaidó's decision to be publicly sworn in is a consequence of the threat made by the Supreme Court of Justice, in the hands of the Maduro regime, to take measures against the National Assembly. Maduro had blamed the National Assembly for "usurping the powers of the executive" after they appointed a new ambassador to the Organization of American States (OAS) against the Maduro regime's wishes to withdraw Venezuela from the agency, as reported by the BBC.

Moreover, the National Assembly has made explicit its decision to adhere to Article 350 of the Venezuelan Constitution, which stipulates the right of a people to ignore "any regime, legislation or authority that violates democratic values, principles, and guarantees or undermines human rights.”

Almost immediately, the government of U.S. President Donald Trump issued a statement acknowledging Guaidó as interim president of the country. 

Countries including Canada, Brazil, Peru, Chile, Paraguay, Colombia, and Costa Rica, as well as the Organization of American States, followed suit.

This unexpected turn in international politics would signify that the recognition of Guaidó as president by the U.S. transforms him into "the only valid representative of Venezuela," and the government of Nicolás Maduro "loses possession of assets in the United States, as well as the ability to invoice sales of oil in that country," explained the economist Francisco Rodríguez.