How can I set the Display time values for JIRA 7.11
you can set the Time zone but not the format for the display.
in the General configuration
You need to by a JIRA System administrator in order to make this change in Advanced Settings. I assume you are using Server. Below article might help you understand how to and what need to change
https://confluence.atlassian.com/jira/changing-the-due-date-input-format-192536.html
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