Goodbye, Microsoft Points. Hello, local currency. A new Xbox 360 update, debuting today, has finally made official the long-awaited switch from Microsoft's own virtual currency, allowing you to spend your hard-earned pennies on Xbox Live content. If you've still got Microsoft Points laying around, never fear. As we've previously reported, existing point balances will be converted to their equivalent cash value. According to the company's FAQ, prices are now listed in whatever your local currency happens to be, plus tax. It's worth noting that purchases made with converted money will not be taxed for the time being, and said currency is good until June 1, 2015. For more details, check out Microsoft's breakdown of the switch at the source link below.

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New Xbox 360 update bids farewell to points, welcomes local currency