As of today, via an Xbox 360 Software Update, all remaining Microsoft Points on the Xbox 360 have been converted into local currency. In all, the update takes a reported 55 or so minutes to install, and leaves no change to your dashboard other than the prices being listed in terms of your local currency rather than Microsoft Points.
According to Microsoft, for the time being, any purchases that are made with money resulting from the conversion of pre-existing Microsoft Points will not be taxed. For future purchases, with non-converted currency, Microsoft will charge local sales tax on all transactions. As of now, Microsoft gamers can still buy Microsoft Point gift cards, but later this year Xbox gift cards will replace them. All converted currency will be valid until June 1, 2015.
In a statement released to Polygon, and Microsoft rep had this to say:
“Today we started rolling out the official release of the 2013 Xbox Live Update. To ensure a stable release, this will be a gradual deployment across members and regions. Don’t panic if you don’t see an immediate update, just keep checking back in.”
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