Is zakat given on paper money/banknotes?

Today, the currency used as a means of exchange is paper money. Money is used as the price of goods, buying and selling are carried out with it, workers’ wages and civil servants’ salaries are paid with it, and it is considered a measure of wealth. Therefore, paper money has assumed the function that gold and silver once had as means of exchange. Accordingly, just as zakat must be given on gold and silver, zakat must also be given on paper money. (Cezîrî, el-Mezâhibü’l-erbe‘a, 1/549; Zuhaylî, el-Fiqhu’l-Islāmī, 3-1821)

Source: T.C. Diyanet İşleri Başkanlığı, Din İşleri Yüksek Kurulu