I try to install a new Python version (3.8) using conda.
!wget -O mini.sh https://repo.anaconda.com/miniconda/Miniconda3-py38_4.8.2-Linux-x86_64.sh
!chmod +x
Update: Originally answered on 2020-30-29, but this answer is now outdated, see the answers above.
Based on these previous answers*, it seems that Google only supports python 2.7 and python 3.6 right now (as of 2020-03-29). However, if you must use python 3.8 you could connect to a local runtime: https://research.google.com/colaboratory/local-runtimes.html
*Previous answers:
I have found how to run Python 3.8 notebook on Colab.
Here's the code
# install Anaconda3
!wget -qO ac.sh https://repo.anaconda.com/archive/Anaconda3-2020.07-Linux-x86_64.sh
!bash ./ac.sh -b
# a fake google.colab library
!ln -s /usr/local/lib/python3.6/dist-packages/google \
/root/anaconda3/lib/python3.8/site-packages/google
# start jupyterlab, which now has Python3 = 3.8
!nohup /root/anaconda3/bin/jupyter-lab --ip=0.0.0.0&
# access through ngrok, click the link
!pip install pyngrok -q
from pyngrok import ngrok
print(ngrok.connect(8888))
we can also use kora pip library
!pip install kora
import kora.install.py38