pipenv does not use or not working with an older version of Python

Question

I need to use Python 3.7 and so I created a virtual environment with the following command - pipenv shell --python 3.7. And when I try to execute the pipenv lock command, I get the following error - RuntimeError: Failed to lock Pipfile.lock!

My Pipfile:

[[source]]
url = "https://pypi.org/simple"
verify_ssl = true
name = "pypi"

[packages]
flask = "*"

[dev-packages]

[requires]
python_version = "3.7"
python_full_version = "3.7.0"

Here's the full traceback:

PS D:\freelance\apb-master\flaskdir>pipenv --version
pipenv, version 2024.1.0
PS D:\freelance\apb-master\flaskdir>python -V
Python 3.7.0
PS D:\freelance\apb-master\flaskdir>pipenv lock --verbose 
Locking [packages] dependencies...
Locking [dev-packages] dependencies...
Building requirements...
Resolving dependencies...
Traceback (most recent call last):
  File "C:/Users/mihaj/AppData/Local/Programs/Python/Python312/Lib/site-packages/pipenv/resolver.py", line 6, in <module>
    from functools import cached_property
ImportError: cannot import name 'cached_property' from 'functools' (C:\Users\mihaj\AppData\Local\Programs\Python\Python37\lib\functools.py)
Locking Failed!
[    ] Locking dev-packages...
Traceback (most recent call last):                                                                                                                                                                                                
  File "<frozen runpy>", line 198, in _run_module_as_main
  File "<frozen runpy>", line 88, in _run_code
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Scripts\pipenv.exe\__main__.py", line 7, in <module>
    # when invoked as python -m pip <command>
                 ^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\vendor\click\core.py", line 1157, in __call__
    return self.main(*args, **kwargs)
           ^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\cli\options.py", line 52, in main
    return super().main(*args, **kwargs, windows_expand_args=False)
           ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\vendor\click\core.py", line 1078, in main
    rv = self.invoke(ctx)
         ^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\vendor\click\core.py", line 1688, in invoke
    return _process_result(sub_ctx.command.invoke(sub_ctx))
                           ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\vendor\click\core.py", line 1434, in invoke
    return ctx.invoke(self.callback, **ctx.params)
           ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\vendor\click\core.py", line 783, in invoke
    return __callback(*args, **kwargs)
           ^^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\vendor\click\decorators.py", line 92, in new_func
    return ctx.invoke(f, obj, *args, **kwargs)
           ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\vendor\click\core.py", line 783, in invoke
    return __callback(*args, **kwargs)
           ^^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\vendor\click\decorators.py", line 33, in new_func
    return f(get_current_context(), *args, **kwargs)
           ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\cli\command.py", line 342, in lock
    do_lock(
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\routines\lock.py", line 67, in do_lock
    venv_resolve_deps(
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\utils\resolver.py", line 859, in venv_resolve_deps
    c = resolve(cmd, st, project=project)
        ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
  File "C:\Users\mihaj\AppData\Local\Programs\Python\Python312\Lib\site-packages\pipenv\utils\resolver.py", line 723, in resolve
    raise RuntimeError("Failed to lock Pipfile.lock!")
RuntimeError: Failed to lock Pipfile.lock!

I also tried using an older version of pipenv, but it doesn't work either.