Xbox released a statement on its news site Thursday evening that outlined the company's policy on buying and selling used games for the new Xbox One Console.

Many believed the new console would not be friendly to the current industry of buying and selling used games and loaning popular titles to friends. Xbox One addressed most of those rumors, quieting most of the outrage.

First of all, Xbox will not be charging a fee for users who want to activate a used game or sell one they already own. Xbox One games will be offered a standard physical copy but will also be available to download titles straight from the Xbox One online store. So, in terms of trading games, only physical copies are in discussion.

"Today, some gamers choose to sell their old disc-based games back for cash and credit. We designed Xbox One so game publishers can enable you to trade in your games at participating retailers. Microsoft does not charge a platform fee to retailers, publishers, or consumers for enabling transfer of these games," the posting on Xbox's news site read.

However, the company did make it clear they have no control and take no responsibility for game publishers who wish to restrict the trading of their games. They can only say the new system will allow for it.

Obviously all games are playable by anyone, including guests, on a console where a game was loaded. Once a game is loaded onto a device account, anyone can access his or her library of games from any console. This means if you purchase a new game and go to a friend's house, you'll be able to access it on his or her Xbox One if you sign in. Furthermore, if a family member back at your house wishes to play the game at the same time, he or she can do that without any hiccups.

As for loaning a physical copy of a game to a friend, Xbox One will allow users to do that, however there are some new rules.

"Xbox One is designed so game publishers can enable you to give your disc-based games to your friends. There are no fees charged as part of these transfers. There are two requirements: you can only give them to people who have been on your friends list for at least 30 days and each game can only be given once."