Microsoft has announced that it will be moving away from its Microsoft Points virtual currency and will instead rely on real local currency for in-console content purchases.

The company revealed this bit of news during its E3 press conference. The event also included demos of highly-anticipated launch titles, such as Ryse and Forza Motorsport 5.

Additionally, Microsoft finally revealed the pricing of the Xbox One, which will retail for $499 in the US, €499 in Europe and £429 in the UK. The console is set to arrive this November. At the event, the company also announced a new edition of the Xbox 360 that is based on the Xbox One design.

Microsoft first unveiled the Xbox One last month before following up with more details today at E3. For more on the upcoming Xbox One, head here.