Yes, for impact tools rather than fine edges. Chrome vanadium carbon steel runs about 0.45 to 0.55% carbon with 0.8 to 1.1% chromium and 0.15 to 0.2% vanadium, tempered to 48 to 54 HRC. Toughness is excellent, which is the point. It is not stainless and will rust without care.
The soft temper and the vanadium addition give this alloy family very high impact toughness. It resists chipping and snapping under shock in a way hard, high-carbide steels do not.
That is why it is used across hand tools, machetes, axes and multi-tool bits rather than on slicing knives. A machete that shatters is useless; one that dulls can be filed sharp again in the field.
Edge retention is fair at best. At around 50 HRC an edge deforms rather than lasting, which is an acceptable trade on a chopping tool and a poor one on a folder.
It is a carbon steel, so it will rust or patina without oiling and drying. Treat it like any non-stainless blade: wipe, dry, oil.
A file or a coarse stone is the right tool. Fine finishing stones are wasted on a steel this soft, and a working edge is what you want anyway.
Keep the angle steep. A chopping tool with a thin acute edge will roll on the first hard stroke.
The grid below shows Chrome Vanadium (Cr-V) Carbon Steel listings from Case, chosen from the catalog when this answer was written. Each one carries Chrome Vanadium (Cr-V) Carbon Steel in its own specification table, and its price is read from the live catalog every time the site is built.
The full reference entry, with the published composition and hardness range and every listing we carry in it, is Chrome Vanadium (Cr-V) Carbon Steel in the Steel Lab.