I wonder how many corrupted cadres have been using this way to get their money out of the country, not many, I think.
Even there are many, all they need to do is switching their source of BTC from open exchange to a private sources, which I am sure will flourish because it's profitable.
This was one of the main drivers for getting money out of the country. You would not believe how much black cash there is in China.
No difference if that merchant has a sufficiently deep pocket, he's essentially a MSB, you know, like an exchange.
Once you get your btc, the volatility risk is the same, it always take 6 confirmations to transfer and sell your booty.
Bitcoin exchanges made this much easier, it is going to be much harder now, and there is not really much point in having bitcoin in the middle.