Yes, this type of wallpaper is paintable. There are specific raised panel wallpapers that are designed for painting. This type has a very dull appearance (no sheen) and doesn't need any priming. All other types will need priming before painting.
It is possible that a primer could cause some bubbling or curled seams. This is from the primer reacting with and dissolving the glue. I would try a water based universal primer first and see what happens. You can test this by priming a small area, 2×4 feet.
If the paper shows signs of loosening then try an oil based primer instead. After the wall paper is primed it can be painted with any type of paint.