The Xbox Live Arcade’s virtual currency system has finally been retired, Microsoft confirmed this week. The company is currently rolling out an update that will convert Microsoft Points in the Xbox Marketplace into local currency across all supported regions.

“Today we started rolling out the official release of the 2013 Xbox Live Update,” a Microsoft spokesperson told gaming site Polygon. “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.”

After completing the five minute update process, customers can start using the same Microsoft account to purchase content for the Xbox 360 and apps from the Windows Phone Store. Microsoft Points Cards will continue to be redeemable “until further notice,” but the Marketplace value of cards and codes will be automatically converted into real money upon redemption. Virtual currency added to user accounts will expire on June 1, 2015.

Microsoft stated that Xbox Gift Cards will be made available in retail destinations and online stores starting late 2013. Gamers in regions with value added tax (VAT) won’t have to pay extra at first, but that is expected to change in the foreseeable future.

With tens of millions of subscribers worldwide, the Xbox 360 can safely be deemed a success. Unfortunately for Microsoft, the console stands in stark contrast to Bing, Zune and the many other losing investments accumulated under the leadership of Steve Ballmer.

Last Friday, the veteran executive revealed that he will resign as CEO within the next 12 months. SiliconANGLE Founder and Editor-in-Chief John Furrier believes that Ballmer was ousted by the board for his failure to capitalize on search, cloud computing and other trends that are undermining Microsoft’s dominant position in the market.