Xbox Live made its transition to local currency today

Players logging on to Xbox Live today were met with a new update, converting Microsoft's storefront and any leftover Microsoft Points stored on the players' accounts into local currency. The conversion maintained a rate of $1.00 U.S. for 80 Microsoft points. However, Joystiq reports that converted USD amounts are being rounded up slightly, possibly to the nearest quarter dollar. Microsoft has released an FAQ explaining the conversion to consumers. The update does not affect Xbox Live's overall marketplace operations, although the transition to local currencies may affect exchange rates on sales going forward.