Are Paper Money Banknotes Subject To Zakat?

Are paper money/banknotes subject to zakat?

Today, the money used as the instrument of exchange is banknote. Banknotes are used as the price of goods, sales and purchase are done with them, salaries are paid by them and they are accepted as a measurement of wealth. Therefore, banknotes have replaced gold and silver as the instrument of exchange. In this regard, as zakat must be given for gold and silver, banknotes are also subject to zakat (Jazari, al-Madhahib al-Arba’a, I, 546; Zuhayli, al Fıqh al Islami, II, 772).

Source: Presidency Of Religious Affairs The Turkey, High Board of Religious Affairs FATW