Microsoft has implemented today the long-awaited currency conversion announced at E3 earlier this year. This update will convert all your currently held Microsoft Points into your respective local currency. In the U.S., that will result to about $1 USD to every 80 Microsoft Points.

There are a couple of catches to this change-over: Any points you have converted to cash in this update will only valid until June 1, 2015. So no hording your cash, we're sure you can find something to spend it on. One plus to those with tons of points, anything purchased under this current conversion will not be subject to sales tax but expect all future transactions to be subject to local sales tax.

This has been part of Microsoft’s long march to getting gamers to spend more real-world cash online by dispelling some of the ambiguousness of the previous point-based system. Check out the complete list of changes and redemption instructions for points cards and how many Czech koruna uncle Markek can expect.

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[Via Xbox.com]