Last week record label Universal Music Latin Entertainment said Despacito in its original and remixed versions had reached 4.6 billion streams across platforms including YouTube and Spotify, making it the most streamed song of all time.
On Sunday, Maduro used a remix of Luis Fonsi and Daddy Yankee's "Despacito" to promote his vision for the Constituent Assembly.
Venezuela has been rocked by civil unrest for months amid growing opposition to Maduro's leadership, as the politician attempts to establish a dictatorship by introducing a new constitution.
According to reports, President Maduro has appropriated the song for a controversial new citizen's assembly, which will be elected on Sunday to rewrite the constitution. Meanwhile, clashes between the government and protesters against the so-called "constituent assembly" have turned extremely violent, with at least 100 people dead in the fighting as of last week.
Justin Bieber, who features on the remix, has been pushed into second place with his song "Sorry" on 4.38bn streams.
"What do you think, eh?"
"At no time have I been consulted, nor have I authorised the use or change of Despacito's lyrics for political purposes, much less in the deplorable situation that a country that I love as much as Venezuela is in", reads a statement posted in Spanish on the Puerto Rican star's Instagram page. Now with over 4.6 billion streams and continuing to grow, the song passed Bieber's own Sorry, which had 4.38 billion, and Ed Sheeran's Shape of You with 4.07 billion.
But Malaysia's officially not having it. State-run television and radio stations yanked the track after officials said people were complaining about the song's racy lyrics.
Daddy Yankee said Maduro's "dictatorial regime.is a joke for the entire world".
Maduro is pressing forward with his pledge to hold a July 30 election to select delegates to a special assembly that will be tasked with rewriting the troubled nation's constitution despite worldwide outcry and a protest movement that has left at least 97 dead.