diff --git a/.github/workflows/test.yml b/.github/workflows/test.yml
index 413e674a0..e9030779f 100644
--- a/.github/workflows/test.yml
+++ b/.github/workflows/test.yml
@@ -13,7 +13,7 @@ jobs:
     strategy:
       matrix:
         platform: [ubuntu-latest, macos-latest]
-        toolchain: [stable, 1.56.0]
+        toolchain: [stable, 1.68.2]
     steps:
       - uses: actions/checkout@v3
       - name: "${{ matrix.toolchain }} with rustfmt, and wasm32"
diff --git a/README.md b/README.md
index cdb6ff132..0f49615d6 100644
--- a/README.md
+++ b/README.md
@@ -250,7 +250,7 @@ State breaking changes (low-level serialization format of any data type) will be
 
 ### MSRV
 
-The minimum supported Rust version is currently `1.56`. There are no guarantees that this will be upheld if a security patch release needs to come in that requires a Rust toolchain increase.
+The minimum supported Rust version is currently `1.68`. There are no guarantees that this will be upheld if a security patch release needs to come in that requires a Rust toolchain increase.
 
 ## Contributing
 
diff --git a/contract-builder/Dockerfile b/contract-builder/Dockerfile
index 3819342ee..02561c326 100644
--- a/contract-builder/Dockerfile
+++ b/contract-builder/Dockerfile
@@ -1,8 +1,8 @@
-FROM rust:1.61.0
+FROM rust:1.68.2
 
 LABEL description="Container for builds"
 
-RUN rustup default 1.61.0
+RUN rustup default 1.68.2
 RUN rustup target add wasm32-unknown-unknown
 
 RUN apt-get -y update && apt-get install -y \
diff --git a/near-sdk/compilation_tests/schema_derive_invalids.stderr b/near-sdk/compilation_tests/schema_derive_invalids.stderr
index 6bab38166..c9774983d 100644
--- a/near-sdk/compilation_tests/schema_derive_invalids.stderr
+++ b/near-sdk/compilation_tests/schema_derive_invalids.stderr
@@ -84,7 +84,7 @@ error[E0277]: the trait bound `Inner: JsonSchema` is not satisfied
             (T0, T1, T2, T3, T4, T5)
           and $N others
 note: required by a bound in `SchemaGenerator::subschema_for`
- --> $CARGO/schemars-0.8.11/src/gen.rs
+ --> $CARGO/schemars-0.8.12/src/gen.rs
   |
   |     pub fn subschema_for<T: ?Sized + JsonSchema>(&mut self) -> Schema {
   |                                      ^^^^^^^^^^ required by this bound in `SchemaGenerator::subschema_for`
diff --git a/near-sdk/src/store/tree_map/iter.rs b/near-sdk/src/store/tree_map/iter.rs
index bb94172fb..88489c903 100644
--- a/near-sdk/src/store/tree_map/iter.rs
+++ b/near-sdk/src/store/tree_map/iter.rs
@@ -121,7 +121,7 @@ where
     }
 }
 
-fn get_entry_mut<'a, 'b, K, V, H>(map: &'b mut LookupMap<K, V, H>, key: &'a K) -> (&'a K, &'a mut V)
+fn get_entry_mut<'a, K, V, H>(map: &mut LookupMap<K, V, H>, key: &'a K) -> (&'a K, &'a mut V)
 where
     K: BorshSerialize + Ord + BorshDeserialize + Clone,
     V: BorshSerialize + BorshDeserialize,