Also worth bearing in mind in this context that modern-day racism isn't just hicks yelling the N word and committing hate crimes. The majority of internet-savvy racists will hide behind dogwhistles, i.e. code words that carry a racist meaning for people in the know but aren't as obvious for the majority of bystanders.If normal bad words/toxicity/banters qualifies as racism, them the repercussion towards racism would only be as much as what we treat normal bad words. That's not good way of social governance.
Unless you really think bad words and racist comments are the same and shall all be banned from public space, or you believe racism is not divisive or threat to the equality. You should draw a line (I'm stating the mainstream idea I learned, feel free to disagree.)
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In the case of OP, though, it seems qualify as racism (as explained by native Spanish speakers in the thread), maybe it's just people in other culture/regions are not familiar with this form of racism, yet.
e.g. like most Chinese would have at least one friend whos nickname is Monkey, normal usage is nothing racism. But recent years hooligans starts to call African football players "monkey” in the stadium or waving bananas in an insulting intention, just like their European counterparts did, then it is racism.