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Once the new Xbox in-beta testing for its new dashboard update is released, this update will convert existing MS Points into real-world, local currency. According to Eurogamer, this happens as soon as you purchases something. Odd enough, 1200 MSP will no longer hold the same value as previous 1200MSP games costs once did.
Said (Eurogamer) tipsters:
Here are some key points within Xbox FAQ:
We are excited to announce that, as part of the next Xbox 360 system update, Microsoft Points will be retired, and transactions on Xbox will take place using your local currency instead of Microsoft Points. The monetary value in your Microsoft account will be stored in local currency, offering you a new, convenient way to purchase exciting Xbox content. This change allows you to use a single Microsoft account to purchase games, movies, apps, and entertainment from your favorite Xbox stores – or the Windows Phone Store for users with a Windows Phone 8!
How does this change affect me? You will begin using local currency or an Xbox Gift Card (denominated in your local currency), in addition to other current payment methods available in your region, to buy games, videos, and more from your favorite Xbox stores. When you initiate a purchase or redeem a Points card or code with your Microsoft account after the next Xbox 360 system update, we’ll add to your account an amount of currency equal to or greater than the Marketplace value of your Microsoft Points, and your Microsoft Points will be retired. 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.
What will happen to my Xbox Live Rewards? Microsoft Points that you’ve earned through Xbox Live Rewards will remain in your Xbox Live account and will transition to your local currency with the rest of your Microsoft Points. Prior to the transition, all your earned Pending Points will be added to your account. Any Microsoft Points you received as part of Xbox Live Rewards, promotions, or contests will retain their same expiration dates after your account transitions. Be sure to stay up to date with all the latest Xbox Live Rewards news at Xbox LIVE Rewards or by following @XboxLIVErewards on Twitter
Will I be taxed on my purchase? We will not apply taxes when you purchase content using currency that we add to your account at the time of the transition. However, when you use currency that you add to your account after the transition (including from Xbox Gift Cards), all appropriate taxes will be applied to those purchases.
Will I be able to buy an Xbox Live Gold Membership with the currency in my Microsoft account? The currency in your Microsoft account will not be able to be used to buy an Xbox LIVE Gold Membership at this time.
How do I change my account location? You can move your Microsoft account from the region it’s associated with now to any other region up to one time every three months. However, after your Microsoft account transitions, the currency in your account will not move with you, so be sure to spend your currency before you change your account location! For more information or to move your account, see Moving? Bring Xbox Live with you!
For a more detailed information and so you’ll have a better understanding how this will affect you. Please click visit Xbox FAQ
The following countries will be affected:
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