Spanish is not a race but an identity. A person from Spain is a “Spaniard” Anybody speaking Spanish and born in any Latin-American country is considered Hispanic or Latin “Hispano or Latino“. Since there are many Latin-American countries speaking Spanish, you identify them by their nationality (Argentineans, Colombians, Dominicans, Mexican, Peruvians, Uruguayans, etc). Now, every Latin -American country has its own way to speak or slangthat characterizes it. However, there is a formal Spanish spoken in educated levels. For instances, on TV news or respectful newspapers, international meetings or conferences, formal Spanish is spoken and therefore everyone understands.