Microsoft has announced that in the next Xbox 360 update, Microsoft Points (Microsoft’s point based currency) will be discontinued and replaced with real world currency.  When the transition takes place, the points in your Microsoft account will be converted to your local currency.

According to a statement by Marc Whitten (Chief Product Officer) on Xbox Wire:

After the next Xbox 360 system update, when you go to buy something or redeem a Microsoft Points card or code on your console with your Microsoft account, we’ll add to your account an amount of currency equal to or greater than the Xbox Marketplace value of your Microsoft Points, which will be retired.

In addition to this statement, Xbox’s support site mentions “The currency we add to your account at the time of the transition will expire on June 1, 2015. However, the currency you purchase and add to your account after the transition will not expire.”

The next Xbox 360 update is scheduled to come out in “late 2013.”

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