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Compatibility problem: Truffle version is 0.5.16 but Solidity file requires 0.8.3

My smart contract (SC) file has the following line: pragma solidity ^0.8.3; When I am compiling it with truffle, I am getting following error: Error: Truffle is currently using solc 0.5.16, but one or more of your contracts specify "pragma solidity ^0.8.3". Please update your truffle config or pragma statement(s). (See https://trufflesuite.com/docs/truffle/reference/configuration#compiler-configuration for information on::Listen

My smart contract (SC) file has the following line:

pragma solidity ^0.8.3; 

When I am compiling it with truffle, I am getting following error:

Error: Truffle is currently using solc 0.5.16, but one or more of your contracts specify "pragma solidity ^0.8.3". Please update your truffle config or pragma statement(s). (See https://trufflesuite.com/docs/truffle/reference/configuration#compiler-configuration for information on configuring Truffle to use a specific solc compiler version.)  Compilation failed. See above. Truffle v5.1.67 (core: 5.1.67) Node v10.23.3 

The contents of my configuration file are:

module.exports = {   // See <http://truffleframework.com/docs/advanced/configuration>   // for more about customizing your Truffle configuration!   networks: {     development: {       host: "127.0.0.1",       port: 7545,       network_id: "*" // Match any network id     },     develop: {       port: 8545     }   } }; 

Somebody please guide me how to solve this compatibility problem.

Zulfi.

Bank of Russia to assess Bitcoin holdings volumes as $36B leave banks

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