I want to restrict users from seeing issues created by each other. Is it possible that one user can only view issues that are reported by him under same project and not the issues that were reported by other users.
Absolutely. Issue-level security controls the visibility of individual issues within a project, so only some project users can see some of the issues, including the use case you are looking for. I recommend taking a look at Configure issue security schemes. If you are on team-managed projects, you can explore how you can restrict access to issue types at Set up issue types in team-managed projects.
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